A Comparative Analysis Of Payday Loan Customers
Abstract"One of the most rapidly growing and controversial forms of consumer lending to recently emerge in the marketplace has been payday advances. This form of credit allows the borrower to obtain a small amount of cash for a short period of time. Claims of predatory lending often arise due to the high annual percentage rates that result from the fees for borrowing small amounts of money for 2 wk or less. By analyzing the data collected in a national survey of payday customers, this research allows policymakers to better understand what type of consumer borrows from payday lenders, for what purpose, and what the true benefits and costs are. The results confirm a strong demand for payday loans that satisfy a real financial need within a certain segment of the population. "("JEL "D12, D18, G20) Copyright (c) 2007 Western Economic Association International.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Contemporary Economic Policy.
Volume (Year): 26 (2008)
Issue (Month): 2 (04)
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Find related papers by JEL classification:
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- D18 - Microeconomics - - Household Behavior - - - Consumer Protection
- G20 - Financial Economics - - Financial Institutions and Services - - - General
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- Tucker, Jenna N. & Key, Clinton C. & Grinstein-Weiss, Michal, 2014. "The benefits of saving at tax time: Evidence from the $aveNYC evaluation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 48(C), pages 50-61.
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- Wheatley, W. Parker, 2010. "Economic and Regional Determinants of the Location of Payday Lenders and Banking Institutions in Mississippi: Reconsidering the Role of Race and Other Factors in Firm Location," The Review of Regional Studies, Southern Regional Science Association, Southern Regional Science Association, vol. 40(1), pages 53-69.
- Robert Mayer, 2013. "When and Why Usury Should be Prohibited," Journal of Business Ethics, Springer, Springer, vol. 116(3), pages 513-527, September.
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