Extended repayment loans may be made available after a certain number of rollovers, or may be always available
A number of states require that under certain circumstances lenders make available an extended, amortizing loan option in addition to their basic payday loan option. There is a huge degree of variation among states in the form that the extended repayment options take. Most states only require that the option be made available; they do not require that the option be used. 4 Variation between states in extended repayment options may be somewhat muted in this dataset because the lender that provided the data, unlike many lenders, makes extended repayment options available even in states where they are not required.
The data in this paper were provided by a large, anonymous payday lender and consist of all loans made by this lender in 26 states between . Figure 1 maps the states included in the data. The data contain no demographic information about borrowers, but loans made to the same borrower can be linked across time and location. The street address of the storefront at which the loan was made is known. The data include all dimensions of the loan contract, as well as its repayment history. The lender makes no direct online loans, though it refers customers to online lending affiliates through its website. The dataset contains only directly made storefront loans.
Rather than count sequences of consecutive loans, my main repeat borrowing measure is a binary variable measuring whether, exactly 90 days after origination of the current loan, the customer again has an active loan
The data consist of 56,143,566 loans made at 2,906 different stores to 3,428,271 distinct customers.Detalles