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“Personal installment loans are often a critical lifeline for borrowers with limited credit options, allowing them to pay for unexpected expenses or to consolidate debts.”

- Assistant Attorney General Bill Baer, Justice Department Antitrust Division (2015)

“In both rich and poor countries alike, credit institutions have favored the rich and in so doing, have pronounced a death sentence on the poor… "

- Muhammad Yunus, Banker to the Poor (1999)

“We recognize the need for emergency credit. At the same time, it is important that these products actually help consumers, rather than harm them.”

-Richard Cordray, CFPB, Birmingham, AL (Jan 2013)

“Payday borrowers strongly support requiring the loans to have affordable installment payments.”

- Pew Charitable Trusts

Straight Talk from an Installment Lender (Part 3)

November 20th, 2018|Comments Off on Straight Talk from an Installment Lender (Part 3)

In this four-part series, Andrew Morrison, a NILA member from Sun Loan Company, deliberates on wrong-footed policymaking, unintended consequences and the importance of safe, affordable small-dollar credit….. PART 3: IT’S THE PRODUCT NOT THE [...]

The BCFP/CFPB and Installment Lending

November 8th, 2018|Comments Off on The BCFP/CFPB and Installment Lending

PART 3: A New, More Balanced Era for the CFPB?  In the Cordray years, businesses learned that treating consumers honestly and maintaining good compliance programs might not save them from politically motivated CFPB enforcement [...]

Pew: Installments Affordable & “Create Pathway Out of Debt”

October 25th, 2018|Comments Off on Pew: Installments Affordable & “Create Pathway Out of Debt”

A study released last week by the Pew Charitable Trust made some interesting points about the nature of traditional installment lending and its regulation. We welcome Pew’s assertion that installment loan payments create a [...]

A reminder of the key points from Pew's recent #installmentlending study:
https://t.co/UNCyb57bJF

Our newest episode of AFSA Today is out! Ann Carmichael will tell you how the recent election might impact the consumer credit industry: https://t.co/hEK4xxJhg9

More straight talk from an installment #lender. It's the Product NOT the Provider that matters...... #financialinclusion #opportunity

https://t.co/3CzUONN5wO

Financial literacy and hard work go hand-in-hand according to Carrie Schwab:
https://t.co/FVdLCFqyrK

For NILA's thinking behind its support for Kathleen Kraninger at the BCFP, see Part 3 of our series on the BCFP/CFPB and Installment Lending. The Bureau needs sound leadership. https://t.co/ldBJ9LpDG3

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