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Consumer Choice and the Alternative ...

Patterson, Heather.

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Consumer Choice and the Alternative Banking Industry.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Consumer Choice and the Alternative Banking Industry./
Author:	Patterson, Heather.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
Description:	51 p.
Notes:	Source: Masters Abstracts International, Volume: 57-01.
Contained By:	Masters Abstracts International57-01(E).
Subject:	Sociology. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10603687
ISBN:	9780355537277

Consumer Choice and the Alternative Banking Industry.
Patterson, Heather.

Consumer Choice and the Alternative Banking Industry. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 51 p.

Source: Masters Abstracts International, Volume: 57-01.

Thesis (M.S.)--University of Wyoming, 2017.

Payday loan usage and regulation is an important and timely policy topic in the United States. When consumers need small short-term loans they do not always, and sometimes cannot, turn to banks. Millions of consumers each year turn to alternative financial institutions, such as payday loan businesses, for these small short-term loans. These loans are easier for asset limited, income constrained, employed (ALICE) consumers to obtain than traditional bank loans because the only collateral they require is a post-dated check. This lack of collateral can come at a high price, with payday loan interest rates that exceed 400%. Consumers often have to renew a loan multiple times accruing additional fees. To protect consumers numerous states are either banning payday loans or instituting heavy regulations on the industry. This protection of consumers is driven in part by the belief that the payday loan industry is taking advantage of vulnerable consumers by charging them high interest rates and large fees. Another view is that payday loan consumers are making a rational choice, amongst imperfect alternatives, that works best for them. In order for policy makers to make effective policy regarding the payday loan industry it is important to understand why consumers are choosing this alternative to traditional banking institutions. The study found that ALICE consumers access payday loans at higher rates than other consumers and choose payday loans over banks loans for different reasons than those in other income groups. The study shows that using the loan for luxury items or gifts affect ALICE consumer's reasons for choosing to obtain a payday loan but was not significant for lower income groups.

ISBN: 9780355537277Subjects--Topical Terms:

516174
Sociology.

Consumer Choice and the Alternative Banking Industry.
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