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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

STUDY REVIEW: Consumer Borrowing after Payday Loan Bans

September 14th, 2020|Comments Off on STUDY REVIEW: Consumer Borrowing after Payday Loan Bans

NILA members do not make payday loans, offering instead, traditional installment loans which are generally considered a safe and affordable alternative to payday or title products. Despite this critical difference, legislative and regulatory efforts [...]

Congress Must Remove Rate Caps from Bills That Boost US Economy 

September 8th, 2020|Comments Off on Congress Must Remove Rate Caps from Bills That Boost US Economy 

Mitigating the economic effects of COVID-19 policy is the focus of much effort at the national level, including the worthy bipartisan and bicameral legislation, the Jobs and Neighborhood Investment Act. These bills, H.R. 7709 [...]

Fed Article Acknowledges that APR Caps Harm Consumers

August 19th, 2020|Comments Off on Fed Article Acknowledges that APR Caps Harm Consumers

An article released last Wednesday (August 12, 2020) by the Federal Reserve Board of Governors, provides strong support for NILA’s position that consumers suffer when small dollar loan availability is limited by caps on [...]

AFSA, along with other trade groups, showed support for the FCC’s goal to eliminate illegal robocalls via the TRACED Act. Read more about the TRACED Act and the need to balance meeting real consumer needs vs. nuisance robocalls: https://t.co/sCexxyrHlT #tracedact

AFSA supports expanding all individuals’ access to credit but to do so, Congress will have to remove the rate cap from the Jobs and Neighborhood Investment Act. Read more on the objectives of the Jobs and Neighborhood Investment Act here: https://t.co/bgvI3O85Xm

Bills that boost US economy must ditch price caps on competitive #nonbank loans

https://t.co/puOT12SYiN

Frequently asked questions about #installmentloans, #financialinclusion, #regulation, and #financialservices

https://t.co/SjRPpWgwG4

STUDY REVIEW: How Do Small-Dollar #Nonbank #Loans Work?

https://t.co/WVzFcpLDjq

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