000			01190nam a22001457a 4500
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100			_aCarter, Susan Payne et al _935763
245			_aTime to repay or time to delay: The effect of having more time before a payday loan is due
260			_aAmerican Economic Journal: Applied Economics
300			_a14(4), Oct, 2022: p.91-126
520			_aWe examine the effect of state laws on minimum payday loan durations that give some borrowers an additional pay cycle to repay their initial loan with no other changes to contract terms. Neoclassical models predict this "grace period" would reduce borrowers' need for costly loan rollovers. However, in reality, borrowers' repayment behavior with grace periods is very similar to borrowers with shorter loans, merely pushed out a few weeks. Potential explanations include heuristic repayment decisions and naive present focus. A calibrated model suggests that present-focused borrowers get less than one-half of the benefit from a grace period that time-consistent borrowers would. – Reproduced
773			_aAmerican Economic Journal: Applied Economics
906			_aLOANS
942			_cAR