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