Credit When You Need It

We thank Peter Ganong, Nitzan Tzur-Ilan, Amine Ouazad, and conference and seminar participants at Columbia Business School, University of Wisconsin Business School, Temple University, Emory University, Rutgers University, the Federal Reserve Banks of Dallas and Philadelphia, UT-Dallas, the Chicago Area Macroeconomics and Housing conference, HUD, FMA, ARIA, meetings of the Risk Theory Society, the FDIC, Federal Reserve System applied microeconomics conference, the CFPB Research Conference, and the IPA Research Gathering for helpful comments. We thank the University of Pennsylvania's Kleinman Energy Center, the Wharton Dean's Research Fund, and the Research Sponsors Program of the Zell/Lurie Real Estate Center for support. The views expressed are those of the authors and do not necessarily reflect those of Experian, the Small Business Administration (SBA), The Federal Reserve Bank of Chicago, or the Federal Reserve System. We thank the administrators at the SBA for their assistance in understanding the setting. Any remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.