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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

Installment Lenders are Essential During the COVID-19 Epidemic

March 26th, 2020|Comments Off on Installment Lenders are Essential During the COVID-19 Epidemic

At times of economic turmoil, access to financial services, particularly for the most vulnerable who do not have banking relationships, is essential to minimizing hardship and setting the stage for eventual recovery. Recognizing this, [...]

The Economist: Capping Interest Rates Leads to More Debt and More Default

March 13th, 2020|Comments Off on The Economist: Capping Interest Rates Leads to More Debt and More Default

A recent piece in The Economist, made a number of points about payday loans, including the fact that they are rarely paid off in a single payment as intended; most are rolled over [...]

APR caps are a deeply flawed regulatory tool….

March 6th, 2020|Comments Off on APR caps are a deeply flawed regulatory tool….

Under the Truth-in-Lending Act (TILA), the purpose of the Annual Percentage Rate (APR) is to provide borrowers and regulators with a common comparator across all loan products. In 1968, when the TILA was first passed, [...]

Happy Financial Literacy Month! We are proud to be celebrating this month with all the educators, organizations, and individuals promoting financial literacy and education throughout the country (and world). Keep up the good work 🙌 #FinancialLiteracyMonth #FinLitMonth

A spokesperson for Harry and Meghan has just told us that “The Duke and Duchess of Sussex have no plans to ask the U.S. government for security resources. Privately funded security arrangements have been made.”

AFSA member companies are working to ensure their customers and neighbors have access to credit in this time of need.

That's why our industry is one of the 16 critical infrastructure sectors identified by the Department of Homeland Security. #COVID19 https://t.co/1dbrAXHJBW

Some quick tips from @CNBCselect on protecting yourself from fraud in light of the impact of coronavirus. For MoneySKILL instructors, this is a good accompaniment to our module on Identity Theft. #MoneySKILLMatters #FinancialLiteracy https://t.co/6Emco4LdiI

@GovWhitmer PLEASE DO NOT FORGET BANKS AND NON-DEPOSITORY CREDIT AND FINANCING ORGANIZATIONS IN ANY STAY AT HOME ORDER.

Banks and non-depository credit and financing organizations need to be exempt in order for consumers to get credit and service on existing accounts.

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