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Conclusion

  • Jerry Buckland
  • Chris Robinson
  • Brenda Spotton Visano
Chapter

Abstract

This chapter summarizes the book first by chapter and then, second, by theme. Payday lending is an important manifestation of financialization in Canada and so experiences with it offer important lessons for other products that crop up through this process. Evidence finds that payday loan borrowers tend to be from more modest economic backgrounds and some borrowers find their way into repeat borrowing. Repeat borrowing is an important source of efficiencies for payday lenders, and so this is a ‘rub’ (or conflict of interest) that state regulators need to address carefully. Regulation can be directed at payday lenders, other fringe banks, and, possibly more importantly, towards mainstream FIs to enable them to offer more competitive products.

Reference

  1. Caskey, John P. 2010. Payday Lending: New Research and the Big Question. Working Papers, No. 10–32, Federal Reserve Bank of Philadelphia, Philadelphia.Google Scholar

Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Jerry Buckland
    • 1
  • Chris Robinson
    • 2
  • Brenda Spotton Visano
    • 3
  1. 1.Menno Simons College, Canadian Mennonite UniversityAffiliated with the University of WinnipegWinnipegCanada
  2. 2.Faculty of Liberal Arts and Professional Studies, School of Administrative StudiesYork UniversityTorontoCanada
  3. 3.Department of Economics, School of Public Policy and AdministrationYork UniversityTorontoCanada

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