Marketplace lending relies on screening and information production by investors, a major deviation from the traditional … banking paradigm. Theoretically, the participation of sophisticated investors improves screening outcomes but also creates … develops, it optimally increases platform pre-screening intensity but decreases information provision to investors. Using novel …

We show that lenders join a U.S. commercial credit bureau when information asymmetries between incumbents and entrants …

. Payday credit is priced per dollar borrowed, so when that option is available, depositors prone to small overdrafts switch … at banks and other depository institutions increases when depositors have access to payday credit. Our findings … illuminate competition and pricing frictions in the large, yet largely unstudied, small-dollar loan market. -- Payday credit …