The effect of access to payday loans on economic well-being is ambiguous from a theoretical perspective. Neoclassical models claim that customers utilize payday advances if they are better than the available options. Such models mean that limiting access would always make consumers even worse down. Having said that, behavioral types of pay day loan usage mean that current bias, overoptimism, or any other intellectual biases can cause customers to obtain payday advances even though doing this is suboptimal, as judged by their preferences that are own. If such models accurately describe behavior, limiting use of pay day loans will make customers best off. Continuar leyendo «The end result of Cash Advance Regulations on Financial Well-Being»
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