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As the statute will not on its face restrict access to pay day loans, payday loan providers encountered paid off financial incentives to keep within the Oregon market.

Therefore, many left the state, meaning the legislation efficiently reduced consumers’ access to payday advances.

Zinman discovered the most typical kinds of replacement credit had been late bill payments and bank checking account overdrafts. 151 As formerly talked about, these kinds of replacement credit could be more costly than payday advances. 152 Professor Zinman’s outcomes declare that the 150 % APR cap the Oregon statute imposed could be underneath the equilibrium market APR, causing a shortage pressing customers to more costly choices. 153 This bolsters the argument that present regulatory regimes over-emphasize managing the way to obtain pay day loans in credit areas.

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