Li, Mingliang; Mumford, Kevin J.; Tobias, Justin L. - In: Journal of Econometrics 171 (2012) 2, pp. 205-216
Payday loans are small short-term loans that a borrower must repay or renew on his/her next payday. In states where payday lending is legal, many terms of these loans are regulated, ostensibly to protect the consumer from excessively burdensome lending practices.