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Payday-loan bans: proof indirect impacts on supply. This is certainly a preview of membership content, log on to always check access.

Payday-loan bans: proof indirect impacts on supply. This is certainly a preview of membership content, log on to always check access.

Abstract

In November 2008, Ohio enacted the Short-Term Loan Law which imposed a 28% APR on payday advances, efficiently banning the industry. Making use of certification records from 2006 to 2010, we examine if you can find alterations in the supply region of the pawnbroker, precious-metals, small-loan, and second-mortgage lending companies during durations once the ban works well. Apparently unrelated regression outcomes reveal the ban boosts the typical county-level operating small-loan, second-mortgage, and pawnbroker licensees per million by 156, 43, and 97%, correspondingly. Continue reading Payday-loan bans: proof indirect impacts on supply. This is certainly a preview of membership content, log on to always check access.