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

The info 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 contained in the information. The info contain no information that is demographic borrowers, but loans built to the exact same debtor could be connected across some time location. The road target associated with storefront from which the mortgage ended up being made is famous. The info consist of all proportions for the loan agreement, along with its payment history. The financial institution makes no direct online loans, though it refers clients to online lending affiliates through its site. The dataset contains just straight made storefront loans.

The information comprise of 56,143,566 loans made at 2,906 various stores to 3,428,271 customers that are distinct. When simultaneous loans are combined and thought to be solitary loans (as explained below) this quantity falls to 54,119,468, for on average 15.8 loans per client. But, the median range loans per consumer is 7, showing the skewness of this circulation. 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. For example, two simultaneous loans of $250 is highly recommended comparable to an individual loan of $500--it will be problematic to summarize that within the case that is formertwice as much" payday lending had taken place like in the second, since all of that should be done to transform one situation to another is relabel.