The pooled regressions found that minimal loan terms affect loan size, while the results that are law-change that.

The pooled regressions found that minimal loan terms affect loan size, while the results that are law-change that.

Just one state changed its legislation minimum that is regarding optimum loan term: Virginia raised its minimal loan term from seven days to 2 times the size of the debtor’s pay cycle. Presuming a pay that is standard of fourteen days, this raises the effective restriction by about 21 days. The column that is third of 5 quotes that loan length in Virginia increased almost 20 days an average of as an outcome, suggesting that the alteration had been binding. […]