Are Payday Loans Really as Evil as People Say?
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1490 Speedy Cash Consumer Reviews and Complaints
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We require contact information to ensure our reviewers are real. DeYoung, along with three co-authors, recently published an article about payday loans on Liberty Street Economics. It begins like this: Their detractors include many law professors, consumer advocates, members of the clergy, journalists, policymakers, and even the President!
But is all the enmity justified? I do have to say that the material in that piece is not necessarily the opinion of the New York Fed or the Federal Reserve System. The Federal Reserve System is rather unique among regulators across the world. They see the value in having their researchers exercise scientific and academic freedom because they know that inquiry is a good thing.
We need to do more research and try to figure out the best ways to regulate rather than regulations that are being pursued now that would eventually shut down the industry.
Now, Bob, the blog post is sort of a pop version of a meta-study, which rolls up other research on different pieces of the issue. Yes, I like to think of myself as an objective observer of social activity, as an economist. That in some cases having access to payday loans looks like on balance, it helps reduce financial distress at the household level.
And we also point to, I believe, an equal number of studies in that section that find the exact opposite. If we can somehow predict which folks will not be able to handle this product and would roll it over incessantly, then we could impress upon payday lenders not to make the loans to those people. This product, in fact, is particularly badly suited to predict this because the payday lender only gets a small number of pieces of information when she makes the loan, as opposed to the information that a regulated financial institution would collect.
The expense of collecting that information, of underwriting the loan in the traditional way that a bank would, would be too high for the payday lender to offer the product. On the critic side right now are the Center for Responsible Lending, who advocates a 36 percent cap on payday lending, which we know puts the industry out of business.
They advocate limiting rollovers and cooling-off periods and the research does point out that in states where rollovers are limited, payday lenders have gotten around them by paying the loan off by refinancing. Just starting a separate loan with a separate loan number, evading the regulation. Borrowing money is like renting money.
You get to use it two weeks and then you pay it back. You could rent a car for two weeks, right? You get to use that car. Well, if you calculate the annual percentage rate on that car rental — meaning that if you divide the amount you pay on that car by the value of that automobile — you get similarly high rates.
This is just arithmetic. And what about the targeting of minority customers, as charged by the Center for Responsible Lending? Studies that have looked at this have found that once you control for the demographics and income levels in these areas and these communities, the racial characteristics no longer drive the location decisions.
And while payday lenders get trashed by government regulators and activists, payday customers, he says, seem to tell a different story. If we take an objective look at the folks who use payday lending, what we find is that most users of the product are very satisfied with the product. Remember Sebastian McKamey from Chicago? He sounded OK with the experience. I work at Boost Mobile around the corner from the payday-loan place.
To him, the system works. Everybody that comes in here always comes out with a smile on their face. They take care of everybody that comes in to the T.
You be satisfied, I be satisfied, and I see other people be satisfied. I never seen a person walk out with a bad attitude or anything. I had some back bills I had to pay off. Bob DeYoung makes one particularly counterintuitive argument about the use of payday loans. That overdrafting on four or five checks at their bank is going to cost them more money than taking out the payday loan. I have a general idea that people that are really tight for money know a lot more where their next dollar is coming from and going than the people that are not particularly tight for money.
So he designed a survey that was given out to borrowers in a few dozen payday loan shops across five states. And then I get the surveys sent to me and I can look at them. Later on, the payday lenders gave Mann the data that showed how long it actually took those exact customers to pay off their loans. And that surprised me. And Mann found a correlation between bad predictions and past payday loan use. And I think that group of people seems to fundamentally not understand their financial situation.
So, given this fact, how should one think about the industry? Is it treacherous enough that it should be eliminated? Or, is it a useful, if relatively expensive, financial product that the majority of customers benefit from?
Zinman says that a number of studies have tried to answer the benchmark question of whether payday lending is essentially a benefit to society. Some studies say yes …. But we have other studies that find that having more access to payday loans leads to a greater incidence of detrimental outcomes. Consider a study that Zinman published a few years back. As an economist might predict, if the financial incentive to sell a product is severely curtailed, people will stop selling the product.
We saw a pretty massive exit from payday lending in Oregon, as measured by the number of outlets that were licensed to make payday loans under the prior regime, and then under the new law. And so we have a setup for a nice natural experiment there.
You have two neighboring states, similar in a lot of ways. And this let Zinman compare data from the two states to see what happens, if anything, when payday-loan shops go away. He looked at data on bank overdrafts, and late bill payments and employment; he looked at survey data on whether people considered themselves better or worse off without access to payday loans.
And in that study, in that data, I find evidence that payday borrowers in Oregon actually seemed to be harmed.
They seemed to be worse off by having that access to payday loans taken away. But in a different study , Zinman found evidence in the opposite direction. In that paper, which he co-authored with Scott Carrell , Zinman looked at the use of payday loans by U. This had been the topic of an ongoing debate in Washington, D.
The Pentagon in recent years has made it a big policy issue. They have posited that having very ready access to payday loans outside of bases has caused financial distress and distractions that have contributed to declines in military readiness and job performance. And so Scott and I got the idea of actually testing that hypothesis using data from military personnel files. Zinman and Carrell got hold of personnel data from U.
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