How Do Payday Loans Affect Borrowers? Evidence from the U.K. Market
利用英国两年内99%的发薪日贷款数据，采用断点回归设计，发现发薪日贷款虽短期提升流动性，但长期导致违约和透支增加。
Payday loans are controversial high cost, short-term lending products, banned in many US states. But debates surrounding their benefits to consumers continue. We analyse the effects of payday loans on consumers using a unique dataset including 99% of loans approved in the UK over a two-year period matched to credit files. Using a Regression Discontinuity research design, our results show payday loans provide short-lived liquidity gains and encourage consumers to take on additional credit. However, in the following months, payday loans cause persistent increases in defaults and cause consumers to exceed their bank overdraft limits.