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The uk has the world’s 2nd biggest payday lending market following the united states of america

Thursday, March 18th, 2021

The uk has the world’s 2nd biggest payday lending market following the united states of america

We assess the results of pay day loans on customers by making use of a unique data set including 99% of loans authorized in the United Kingdom over a two-year duration matched to credit files. Utilizing a regression discontinuity research design, our outcomes show that payday advances offer short-lived liquidity gains and encourage consumers to defend myself against extra credit. Nonetheless, within the months that are following pay day loans cause persistent increases in defaults and cause consumers to meet or exceed their bank overdraft limitations. (more…)