• 1 Introduction2 Thailand’s rural credit market2.1 Rural credit market development2.2 Village funds3 Data4 The position of the village funds as a lending institution4.1 Aggregate statistics about the village funds and other lending institutions4.2 Detailed information about borrower and loan characteristics5 Analyzing the contribution of the village funds5.1 Choice of lending institutions by borrowing households5.2 The relation between the village funds and credit constraint5.3 Robustness6 Policy considerations7 ConclusionsReferences