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Consumer Borrowing after Cash Advance Bans. High-interest payday loans have actually proliferated in the last few years; therefore have efforts to too manage them.

Abstract

High-interest payday loans have actually proliferated in the last few years; so have efforts to too control them. Yet just exactly how borrowers react to regulations that are such mostly unknown. Drawing on both administrative and study information, we exploit variation in payday-lending guidelines to review the result of cash advance limitations on customer borrowing. We realize that although such policies work well at reducing payday financing, customers react by moving with other types of high-interest credit (for example, pawnshop loans) in place of old-fashioned credit instruments (for instance, bank cards).