FinTech Lending and Bank Credit Access for Consumers

• 成果类型: Article
• 署名作者: Balyuk, Tetyana
• 署名单位: Emory University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.4319
• 发表日期: 2023
• 页码: 555-575
• 关键词: Bank credit; consumer; FinTech; INFORMATION; Peer-to-peer lending

摘要

Using a unique setting of an online peer-to-peer lender, I show that banks expand credit access for consumers who obtain FinTech loans. Consistent with FinTech relieving information frictions, this effect is stronger for more credit-constrained consumers. Many borrowers, especially higher-quality ones, use peer-to-peer loans to repay expensive revolving debt. Yet, debt financing and credit score changes cannot fully explain higher bank credit. The increase in bank credit access is stronger when information sets between banks and peer-to-peer lenders diverge more. These results highlight information spillovers as a novel mechanism through which FinTech lending can relieve financial constraints for consumers.