无抵押金融科技贷款对抵押贷款市场的溢出效应（英文版）

I study the spillover effect of unsecured FinTech lending on mortgage markets. Using quasi-exogenous variation in LendingClub loan activity due to its partnership with the BancAlliance consortium of community banks in February 2015, I present causal evidence that increase in unsecured personal loans by LendingClub resulted in a significant increase in overall mortgage activity in an area. This spillover is more pronounced for new home purchase activity versus mortgage refinancings, and for bo