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Alternative Financial Services Credit Products

Alternative Financial Services Credit Products

In this paper, we make use of two present developments to learn this concern. The initial may be the accessibility to a data that is new: the Federal Deposit Insurance Corporation’s (FDIC’s) National Survey of Unbanked and Underbanked Households, a health health supplement into the Current populace Survey (CPS). The study is large and nationally representative and possesses detailed information about customers’ borrowing behavior. We enhance this survey with information on old-fashioned credit product use through the Federal Reserve Bank of brand new York and Equifax. 2nd, amount of states have actually prohibited the application of payday advances in the past few years. Via a easy difference-in-differences design, we exploit this policy variation to analyze the consequence of alterations in customers’ access to payday advances between states with time.

We realize that payday-lending bans do maybe maybe perhaps not reduce steadily the amount of people whom remove alternate monetary solutions (AFS) loans.

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