Lang, Kevin; Leong, Kaiwen; Li, Huailu; Xu, Haibo - 2020
We study roughly 11,000 loans from unlicensed moneylenders to over 1,000 borrowers in Singapore and provide basic information about this understudied market. Borrowers frequently expect to repay late. While lenders do rely on additional punishments to enforce loans, the primary cost of not...