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Digital loans have exploded in popularity across low and middle incomecountries, providing short term, high interest credit via mobile phones. Thispaper reports the results of a randomized evaluation of a digital loan productin Nigeria. Being randomly approved for digital credit (irrespective of creditscore) substantially increases subjective well-being after an average of threemonths. For those who are approved, being randomly offered larger loans has aninsignificant effect. Neither treatment significantly impacts other measures ofwelfare. We rule out large short-term impacts either positive or negative: onincome and expenditures, resilience, and women's economic empowerment.

Instant Loans Can Lift Subjective Well-Being: A Randomized Evaluation of Digital Credit in Nigeria