This paper investigates the role of interest rate regulation of consumer credit and institutional risk segmentation in FinTech lenders’ efforts to solicit new customers in the personal loan market. We find that strategic partnerships between FinTech companies and specialist banks target marginal-risk, near-prime and low-prime consumers, living in states with low interest rate ceilings for unsecured personal loans. In partnering with the specialist banks, the FinTech lenders are able to take advantage of federal preemptions from state rate ceilings to lend profitably to higher-risk consumers in states with low rate ceilings to compete in these markets. We also show that when these partnerships are restricted, finance companies increase their credit supply.

中文翻译：

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金融科技与银行：规避国家高利贷法律的战略伙伴关系

本文研究了消费信贷利率监管和机构风险细分在金融科技贷款机构在个人贷款市场上吸引新客户方面的作用。我们发现，金融科技公司和专业银行之间的战略合作伙伴关系针对的是生活在无担保个人贷款利率上限较低的州的边际风险、近优质和低优质消费者。通过与专业银行合作，金融科技贷款机构能够利用联邦政府对各州利率上限的优先权，向利率上限较低的州的高风险消费者提供有利可图的贷款，从而在这些市场上竞争。我们还表明，当这些伙伴关系受到限制时，金融公司会增加信贷供应。