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The result is particularly notable for South Carolina, which prior to its changes had a single-loan size limit of $300

After the first law change the single-loan limit increased to $500 but simultaneous loans were still legal, effectively making it easier to borrow much larger amounts

The pooled regressions found no relationship between simultaneous borrowing prohibitions and total amount borrowed even though amount borrowed, as contructed, merged simultaneous loans together. The law-change regressions support a similar conclusion. Ohio removed its simultaneous borrowing limit, while Virginia instituted a new limit, neither of which appears to have affected total amount borrowed. Approximately 71.5% of all its loans were made simultaneously with at least one other loan, for an average borrowing amount of about $420. However, the total amount borrowed rose only slightly. After the second change simultaneous loans became illegal, and dropped to only 2.4% of loan volume.