A recently released Dartmouth College study found that after Oregon’s imposed a similar rate cap, “former payday borrowers responded by shifting into incomplete and plausibly inferior substitutes,” mostly “through checking account overdrafts of various types and/or late bills.”

It’s not a secret that financial success depends on having a full financial toolbox. And sure enough, researchers from George Mason University and Colby College have found that short-term payday loans provide options that substantially improve the chances of a borrower’s ability to financially survive.