Thank you for attending the ACCI 2021 Annual Conference! We hope you enjoyed the event as much as we enjoyed seeing you.
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Payday loan use has been examined using controls for individual characteristics such as income, education, and race. No known studies have explored payday loan use through the consumer vulnerability framework. The framework focuses on the circumstances of consumers, rather than their individual characteristics. A lack of resources (resource factors) and lack of control over those resources (control factors) influence a consumer's ability to meet basic consumption needs (context factors; Hill & Sharma, 2020). The present study will use the consumer vulnerability framework to explore payday loan use among respondents of the 2018 National Financial Capability Study (NFCS). Thus, this study will examine the effect of resources, lack of control over resources, and specific financial context on the likelihood of using a payday loan. The findings provide useful implications for consumer advocates such as policymakers, financial counselors, and financial educators in helping financially vulnerable households to become resilient in response to sudden financial shocks or financially stressful events.
