A resolution adopted recently by the National Organization of Black Elected Legislative/Women (NOBEL/Women) speak to this respected organization’s support for traditional installment loans.
A RESOLUTION PROMOTING THE ENACTMENT OF DEFINITIONS FOR SAFE AND AFFORDABLE LENDING PRODUCTS AND SERVICES, defines safe and affordable installment loans, as, among other things,
“…small-dollar closed end credit that is ‘fully amortized,’ meaning that the Total of Payments defined under the Federal Truth in Lending Act, is repaid in substantially equal multiple installments at fixed intervals to fulfill the consumer’s obligation.”
NILA applauds the resolution and the NOBEL/Women group’s position on Traditional Installment Loans.
NOBEL/Women is a non-profit, non-partisan organization primarily composed of current and former black women legislators as well as many appointed officials. Originally established in 1985 as a national organization to increase and promote the presence of black women in government, NOBEL/Women in recent years has expanded its vision to serve as a global voice to address a myriad of issues affecting the lives of all women.
Throughout its history, NOBEL/Women has inspired women to take an active role in the making of public policy and have served as a catalyst to provide economic and social justice for all classes and races of people. NOBEL/Women has worked actively to achieve its goals to increase the representation of black women in public service and the private sector by providing educational forums to address major public policy issues particularly in the areas of health, telecommunications, education, economic development and financial policies.
More information is available at http://nobel-women.org