Can Storefront Payday Borrowers Become Installment Loan Borrowers?

July 7th, 2016 by

The Consumer Financial Protection Bureau’s (CFPB) proposal for regulating smalldollar, single-payment (a.k.a. payday) loans significantly threatens the continued operation of that industry. Consumer behavior in that market involves a majority of consumers either… Read More


Searching for Harm in Storefront Payday Lending

February 12th, 2016 by

By: Rick Hackett Clarity Services, Inc., a consumer reporting agency, has a longer duration, and likely larger data set, than the Consumer Financial Protection Bureau (CFPB) had available for its… Read More


A Balanced View of Storefront Payday Borrowing Patterns

December 2nd, 2015 by

By: Rick Hackett This report uses a statistically valid random sample of a constant pool of 1,000 users over 3.5 years, with a full year run-off period after the sampling… Read More


How Persistent Is the Borrower-Lender Relationship in Payday Lending?

September 10th, 2015 by

The Clarity small-dollar markets research team has access to two very large data sets of small-dollar applicants and borrowers. First, the Clarity production data contains information from almost 300 lenders… Read More


The CFPB Five Percent Solution

September 10th, 2015 by

Analysis of the Relationship of Payment-to-Income Ratio to Defaults in Online Installment Loans In its recent outline of proposed regulations, the CFPB suggested it may allow a “safe harbor” from… Read More


Loan Product Structures and Pricing in Internet Installment Lending

May 15th, 2015 by

This report analyzes the structure and pricing of small dollar loan products originated through the Internet, as reported to Clarity Services, Inc., with a particular focus on the structure and… Read More


Regulatory Intervention in Internet Small-Dollar Lending:

March 4th, 2015 by

This Report examines Clarity Services data containing loan volume and credit report inquiries to ascertain whether, and to what extent: (a) there is evidence of a regulatory intervention affecting loan… Read More


Measures of Reduced Form Relationship Between the Payment-Income Ratio and the Default Probability

February 17th, 2015 by

Consumer borrowing and lender behavior are important characteristics that impact the small-dollar lending market, particularly payday loans. The ability to evaluate the probability of whether or not a borrower will… Read More


Report 2: Does State Regulation of Small-Dollar Lending Displace Demand to Other Lenders?

January 22nd, 2015 by

State price regulation of small-dollar lending ranges from relatively strict restrictions, limiting all small-dollar lending to rates in the range of 18% to 30% per annum, to more permissive approaches… Read More


Report 1: Profiling Internet Small Dollar Lending

July 15th, 2014 by

This report supplements the information on borrower demographics and loan characteristics reported by the CFPB in their April 20136 report by appending information about Internet consumers and transactions. Subsequent reports… Read More


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