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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 4)

March 5th, 2019|Comments Off on Straight Talk from an Installment Lender (Part 4)

In the last post in a 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 4: TECH, TECH, [...]

AG Small Loan Letter to the FDIC Disappoints

February 19th, 2019|Comments Off on AG Small Loan Letter to the FDIC Disappoints

In late January, 14 State Attorneys General sent a letter to the Federal Deposit Insurance Company (FDIC) in response to a request for information on small dollar lending. NILA feels compelled to comment on this [...]

Majority of Americans Aim to Strengthen Financial Well-Being in 2019

February 8th, 2019|Comments Off on Majority of Americans Aim to Strengthen Financial Well-Being in 2019

Last month, the National Endowment for Financial Education (NEFE) released results from its annual survey on consumer expectations, finding that almost eight out of 10 (79 percent) of U.S. adults will set a financial goal [...]

Everything you ever wanted to know about Traditional Installment Loans! NILA's all-new Frequently Asked Questions! #installmentloanswork https://t.co/z2OIaGpSHP

Kraninger noted that the payday rule had been challenged in federal court and @CFPB decided to reconsider the ability-to-repay portion of the rule. The bureau subsequently rescinded that aspect from the final rule: https://t.co/CIDwn7TmHk

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