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Consumer Choice and the Alternative Banking Industry.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Consumer Choice and the Alternative Banking Industry./
Author:	Patterson, Heather.
Description:	1 online resource (51 pages)
Notes:	Source: Masters Abstracts International, Volume: 57-01.
Contained By:	Masters Abstracts International57-01(E).
Subject:	Sociology. -
Online resource:	click for full text (PQDT)
ISBN:	9780355537277

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

Consumer Choice and the Alternative Banking Industry. - 1 online resource (51 pages)

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

Thesis (M.S.)

Includes bibliographical references

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.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355537277Subjects--Topical Terms:

551705
Sociology.
Index Terms--Genre/Form:

554714
Electronic books.

Consumer Choice and the Alternative Banking Industry.
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245 1 0 $a Consumer Choice and the Alternative Banking Industry.
264 0 $c 2017
300 $a 1 online resource (51 pages)
336 $a text $b txt $2 rdacontent
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338 $a online resource $b cr $2 rdacarrier
500 $a Source: Masters Abstracts International, Volume: 57-01.
500 $a Adviser: Shiri Noy.
502 $a Thesis (M.S.) $c University of Wyoming $d 2017.
504 $a Includes bibliographical references
520 $a 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.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Sociology. $3 551705
650 4 $a Banking. $2 bicssc $3 810653
655 7 $a Electronic books. $2 local $3 554714
690 $a 0626
690 $a 0770
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Wyoming. $b Sociology. $3 1182734
773 0 $t Masters Abstracts International $g 57-01(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10603687 $z click for full text (PQDT)