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Payday-loan bans: proof of indirect results on supply

Payday-loan bans: proof of indirect results on supply

Abstract

Ohio enacted the Short-Term Loan Law which imposed a 28% APR on pay day loans, effortlessly banning the industry. Utilizing certification records, we examine if you can find alterations in the supply part for the pawnbroker, precious-metals, small-loan, and second-mortgage financing companies during durations as soon as the ban works well. Apparently unrelated regression outcomes show the ban advances the normal county-level running small-loan, second-mortgage, and pawnbroker licensees per million by 156, 43, and 97%, correspondingly.

Introduction

Their state of Ohio enacted the Check-Cashing Lending Law (CCLL), developing recommendations for running payday lending businesses. The payday lending industry in the state rapidly expanded similar to national trends over a decade. Amid growing concern and critique of this industry, Ohio established brand new payday lending legislation, the Short-Term Loan Law (STLL). Leer más

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