Loan Amount versus Monthly Payments: The Effect of Loan Application Formats on Consumer Borrowing Decisions
研究发现，贷款申请时要求填写月还款额（而非贷款总额）会让消费者更关注预算余裕，从而改变借款金额；低消费时月还款格式导致更高借款，高消费时则相反。
Abstract Do different loan application formats affect consumer loan requests? Six studies show that when consumers are asked to provide a preferred monthly payment (MP) (vs. loan amount [LA]), they request different principal amounts. This is because these loan application formats differ in the scale-compatible information they bring to consumers’ mind. When LAs are elicited, consumers think of and request the cost of the expenditure they seek to finance. When MPs are elicited, however, consumers think of their monthly budget slack to construct and then request MPs they perceive to be affordable. For lower cost loans with a given term and interest rate, the MP (vs. LA) format results in larger principal requests. This effect reverses for higher cost acquisitions because individuals’ budget slack caps out around $500 per month. These studies provide insight into how consumer loan application formats can affect consumer borrowing, as well as the psychological underpinnings responsible for the effect. Theoretical, managerial, and consumer welfare implications of the findings are discussed.