Examining payday loan utilization among households with mainstream credit access

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
Laura Lamb
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Abstract

Purpose This study aims to gain insight into the motivations behind the decision to use high-cost payday loans by households who possess mainstream credit and to determine whether this behavior has changed over time. Design/methodology/approach Using data from Statistics Canada’s Surveys of Financial Security, probit models are used to examine the sociodemographic and financial indicators associated with payday loan use. Findings The analysis uncovers the sociodemographic and financial characteristics of payday loan-user households with access to lower-cost short-term loans. The findings indicate that the likelihood of payday loan use has risen over time. Additional analysis reveals that indicators of financial instability are positively associated with payday loan use among this group. Research limitations/implications This research highlights the dichotomy of payday loan users and recommends policymakers tailor solutions to the specific needs of different types of payday loan users. Practical implications This research highlights the distinguishing sociodemographic and financial characteristics of payday loan user households and recommends policymakers tailor solutions to the specific needs of different types of payday loan users. Originality/value This is the first study, to our knowledge, to focus analysis on payday loan use of those with access to lower-cost short-term credit alternatives in Canada and to include measures of financial instability in the analysis. This research is timely given the current economic environment of high interest rates and high levels of household debt.
研究有主流信贷渠道的家庭使用发薪日贷款的情况
本研究旨在深入了解拥有主流信贷的家庭决定使用高成本发薪日贷款背后的动机,并确定这种行为是否随着时间的推移而发生变化。研究结果分析揭示了可获得低成本短期贷款的发薪日贷款用户家庭的社会人口和财务特征。分析结果表明,使用发薪日贷款的可能性随着时间的推移而增加。其他分析表明,在这一群体中,金融不稳定指标与发薪日贷款的使用呈正相关。研究局限性/启示这项研究强调了发薪日贷款用户的两极分化,建议政策制定者针对不同类型的发薪日贷款用户的具体需求量身定制解决方案。实践意义这项研究强调了发薪日贷款用户家庭在社会人口和财务方面的显著特点,并建议政策制定者针对不同类型发薪日贷款用户的具体需求制定相应的解决方案。原创性/价值据我们所知,这是第一项重点分析加拿大有机会获得低成本短期信贷替代品的人使用发薪日贷款情况的研究,并在分析中纳入了财务不稳定性的衡量标准。在当前高利率和高家庭债务水平的经济环境下,这项研究非常及时。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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