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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

Himpler: Rate Caps Would Create Adverse Unintended Consequences

June 6th, 2019|Comments Off on Himpler: Rate Caps Would Create Adverse Unintended Consequences

A recent opinion piece by Bill Himpler, President of the American Financial Services Association (AFSA), make some very good points about the nature of interest caps on small-dollar loans and the unintended consequences when [...]

NILA Applauds House Adoption of H.RES 327

May 16th, 2019|Comments Off on NILA Applauds House Adoption of H.RES 327

The end of last month (April) saw the introduction in the US House of Representatives of a Resolution encouraging greater public-private sector collaboration to promote financial literacy for students and young adults. H.Res 327 [...]

US House Hearing on Small Dollar Credit Industry

May 7th, 2019|Comments Off on US House Hearing on Small Dollar Credit Industry

Last Tuesday (April 30), the House Financial Services’ Subcommittee on Consumer Protection and Financial Institutions convened a hearing entitled, “Ending Debt Traps in the Payday and Small Dollar Credit Industry.” The meeting focused on payday [...]

Comparing traditional #installmentloans and #paydayloans https://t.co/cEE8O5sxJy

For all of your questions about the socio-economic value, safety and affordability of traditional #installmentloans read our FAQs https://t.co/SjRPpWgwG4 #installmentloanswork

NILA applauds #financialliteracy Resolution https://t.co/IiJLpTdjTl

Banks, collection agencies and merchants say robocalls are crucial, even though many consumers find them annoying https://t.co/E29jd3VmM3 via @WSJ

Agencies closer to joint policies on CRA, small-dollar loans: FDIC head https://t.co/V0eDZJ8xr8

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