Research Projects

Key research underwritten in whole or in part by Consumer Credit Research Foundation:


Wilson, Bart J., David W. Findlay, James W. Meehan, Jr., Charissa P. Wellford, and Karl Schurter. An Experimental Analysis of the Demand for Payday Loans (2008). Summary Full Text


Zinman, Jonathan. Restricting Consumer Credit Access: Household Survey Evidence on Effects Around the Oregon Rate Cap (2008). Summary Full Text


Payday Loan Attitudes and Usage Among Enlisted Military Personnel
This study, which was conducted by Professors William Brown of the University of North Carolina Greensboro and Charles Cushman of The George Washington University, is the first systematic empirical survey of enlisted military personnel regarding their economic circumstances and attitudes toward short-term credit.
Press Release
Full Study


Compensation and Short-Term Credit Needs of U.S. Military Enlisted Personnel (April 2006)
In this study, Professors William Brown of The University of North Carolina - Greensboro and Charles Cushman of The George Washington University, explore the compensation and short-term credit needs of America's military enlisted personnel. This analysis concludes that enlisted military personnel earn incomes comparable to those of their civilian counterparts, and their needs for short-term credit are likewise comparable to the credit needs of middle-class civilians.
Press Release
Full study


A Critique of "Race Matters: The Concentration of Payday Lenders in Afican-American Neighborhoods in North Carolina" (February 2006)
In this critique of the Center for Responsible Lending's study, Dr. Tom Lehman calls into question the claim that payday loan firms purposely target locations with a high concentration of African American residents in North Carolina communities. Dr. Lehman's analysis points out a number of faulty research methods employed by the Center for Responsible Lending.
Executive summary
Critique in its entirety


Payday Loans Versus Bounced Check Fees (June 2005)
It has often been reported that bounced check fees are the less expensive alternative to payday loans. However, Dr. Lehman took a closer look and, after a thourough comparison, concluded that bounced check fees are actually more expensive than payday loans in his white paper entitled, "Contrasting Payday Loans to Bounced Check Fees." Dr. Lehman's comparison is insightful and revealing. Click here to download the white paper.


Payday Lending Fact Book (December 2004)
CCRF has been pleased to support the research and development of a comprehensive explanatory primer that examines the rapid expansion of payday lending across virtually all of America . With the rapid rise of payday lending and the growing consumer demand, the need for a clear discussion about it is apparent. From a few hundred facilities in the 1990s to more than 24,000 in 2004 - this new credit service is rapidly expanding across the continent. The payday lending industry exists in maturing consumer and regulatory environments. Thousands of consumers now use payday loans every day. The Payday Lending Fact Book offers a clear, readable, summation of payday lending. It has been crafted to serve as a useful tool for all parties that summarizes key facts about this dynamic industry, its customers and the availability of short term credit. We hope it will serve as common ground from which further discussions can spring.
Press Release
Full Fact Book .


Hard copies of the afformentioned studies and reports are available for purchase. Please contact Consumer Credit Research Foundation for more information.



Other key literature:


Lawrence, Edward C. and Gregory Elliehausen. A Comparative Analysis of Payday Loan Customers (Contemporary Economic Policy, April 2008, pp. 299-316). Summary Full Text


Morgan, Donald P., and Michael R. Strain. Payday Holiday: How Households Fare after Payday Credit Bans (Federal Reserve Bank of New York Staff Report No. 309, 2008). Summary Full Text


Skiba, Paige Marta and Jeremy Tobacman. Do Payday Loans Cause Bankruptcy? (2008). Summary Full Text


Stegman, Michael A. Payday Lending (Journal of Economic Perspectives, Winter 2007, pp. 169190). Summary Full Text


Mann, Ronald J. and Jim Hawkins. Just Until Payday (UCLA Law Review, April 2007, pp. 855-912) Summary Full Text


Huckstep, Aaron. Payday Lending: Do Outrageous Prices Necessarily Mean Outrageous Profits? 12 Fordham J. Corp. & Fin. L. 203 (2007). Summary Full Text


Morse, Adair. Payday Lenders: Heroes or Villains? (2007). Summary Full Text


Skiba, Paige Marta and Jeremy Tobacman. The Profitability of Payday Loans (2007). Summary Full Text


Flannery, Mark J. and Katherine A. Samolyk. Payday Lending: Do the Costs Justify the Price? Federal Deposit Insurance Corporation Center for Financial Research, Working Paper No. 2005-09, 2005). Summary Full Text


Elliehausen, Gregory, and Edward C. Lawrence. Payday advance credit in America: An Analysis of Consumer Demand. (Georgetown University, McDonough School of Business, Credit Research Center, 2001). Full Text




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