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3 The Data. Regulatory Variation into the Data. Variable Definitions

3 The Data. Regulatory Variation into the Data. Variable Definitions

The information in this paper had been given by a big, anonymous payday loan provider and comprise of all of the loans produced by this loan provider in 26 states between January 2007 and August 2012. Figure 1 maps the states within the data. The info contain no demographic details about borrowers, but loans built to the exact same borrower may be connected across some time location. The road target of this storefront from which the mortgage ended up being made is well known. All dimensions are included by the data of this loan agreement, along with its payment history. The financial institution makes no direct online loans, though it relates customers to online lending affiliates through its web site. The dataset contains just straight made storefront loans.

The information consist of 56,143,566 loans made at 2,906 various shops to 3,428,271 customers that are distinct. As soon as loans that are simultaneous combined and regarded as solitary loans (as explained below) this number falls to 54,119,468, for on average 15.8 loans per customer. Nevertheless, the number that is median of per consumer is 7, showing the skewness for the circulation. Dining Table 1 presents distributions for all factors within the information.

Adjustable Definitions

Any comparisons should be robust to relabeling because payday loans vary in size, price, and length of term. As an example, two simultaneous loans of $250 is highly recommended equal to just one loan of $500–it will be problematic to close out that within the case that is formertwice as much” payday lending had happened like in the second, since all of that should be done to transform one situation to another is relabel.

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