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Tuesday, April 26, 2016


Matthew Bruckner

I've heard Zywicki suggest the possibility of loan sharks as an alternative to payday lending. He never notes that some people who go to payday lenders are unlikely to go to a loan shark for a bunch of reasons, including the following three. First, some people (maybe not homo economicus) would likely be put off by the illegality of loan sharks or at least factor that into their calculus. Second, some people may not know any loan sharks (i.e. there are transaction costs to identifying a possible illicit lender). Third, some people may value their joints above their credit ratings, and would be willing to risk the latter but not the former.

In any case, love the phrase "loan shark boogeyman."

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