American Financial Services Association

#OurLoansWork Campaign Supports Need for Traditional Installment Lending

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#OurLoansWork Campaign Supports Need for Traditional Installment Lending

Trade Group Advocates to Protect Credit Access for Millions of Americans

WASHINGTON, D.C., July 7, 2016 – Today, the American Financial Services Association (AFSA) launched the #OurLoansWork campaign, which includes a redesigned The campaign focuses on providing information to consumers, policymakers, and key thought-leaders about safe, responsible traditional installment loans.

The website provides a variety of resources aimed at important audiences:

  • Consumers: education about the value of traditional installment loans;
  • Members of Congress: insight for legislators to understand the important role traditional installment loans play in the health of the American economy and;
  • Regulators and thought-leaders: perspective to ensure that they promote policies that protect access to safe, responsible consumer credit like traditional installment lending.

“The #OurLoansWork campaign is AFSA’s latest effort to ensure that federal regulators, Congress, and consumers are fully aware of the important value that traditional installment loans provide to the American consumer and the US economy,” said Bill Himpler, Executive Vice President of AFSA. “We encourage everyone to visit the website, explore the resources and learn about traditional installment lending.”

The campaign highlights the importance of traditional installment loans and also makes clear the stark difference between these loans and other small-dollar lending options. Unlike payday and title loans, for example, traditional installment loans are structured with the consumer’s success as the top priority.

A traditional installment loan is a fixed-rate, fully-amortizing small-dollar loan repaid in equal monthly payments. According to AFSA statistics, the average loan is $1,500 with an average monthly payment of $120 and an average term of 15 months. Installment loans are affordable to each borrower’s monthly budget. They are “plain vanilla” loans with transparent, easy-to-understand terms, due dates and payment amounts.

Through underwriting and due diligence, traditional installment lenders determine each consumer’s ability to repay. At the time of origination, all loans are made with the highest confidence and expectation that they will be repaid in full and on time. Finally, traditional installment lenders do not charge penalties for early repayment and report payment history to credit bureaus, allowing consumers to establish, build, or improve their creditworthiness.

Based in Washington, D.C., the American Financial Services Association (AFSA), celebrating its centennial in 2016, is the national trade association for the consumer credit industry, protecting access to credit and consumer choice. Its 400 members include traditional installment lenders, vehicle finance/leasing companies, consumer and commercial finance companies, mortgage lenders and servicers, payment card issuers, industrial banks and industry suppliers. For more information, visit

July 7th, 2016 by