- The typical plasma donor was younger than 35, did not have a bachelor’s degree, earned a lower income, and had a lower credit score than most Americans. Donors sold plasma primarily to earn income to cover daily expenses or emergencies.
- When a plasma center opened in a community, there were fewer inquiries from installment or payday lenders. Inquiries declined the most among younger (35 years or younger) potential borrowers.
- Four years after opening a plasma center, local youth were 13.1% and 15.7% less likely to apply for a payday loan and an installment loan, respectively.
- Likewise, the likelihood of obtaining a payday loan decreased by 18% among young potential borrowers in the community. This represents an effect on payday borrowing roughly equivalent to a $1 increase in the state’s minimum hourly wage.
Here is the St. Louis Fed studyvia the excellent Kevin Lewis.
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