This week, AFSA’s SGA team released its October white Paper which covers loans-by-mail, also referred to as “marketing checks” or “live checks”. First appearing in the 1980s, loans-by-mail have been an effective and popular way for traditional installment lenders to make a prescreened, firm offer of credit to pre-approved borrowers. The vast majority of borrowers who receive their credit via a loan-by-mail offer have no problem repaying the loans according to the installment schedule laid out for them.
The white paper also takes a deep dive into recent advocacy and legislation. 24 states have statutes or regulations governing loans-by-mail, with most states requiring that lenders provide certain disclosures with their offers. This past legislative session, four states considered legislation governing loans-by-mail, and New York recently enacted a law that would prohibit lending institutions from sending unsolicited mail-loan checks.
The paper is also available under the State Resources section of AFSA’s website.
Whitepaper Covers Loans-by-Mail
Oct 05, 2022
This week, AFSA’s SGA team released its October white Paper which covers loans-by-mail, also referred to as “marketing checks” or “live checks”. First appearing in the 1980s, loans-by-mail have been an effective and popular way for… Read the rest
Risk-Based Pricing Strategies in Auto Finance: Why Change and Why Now
Oct 05, 2022
Join us on October 13th at 2:00 p.m. for Risk-Based Pricing Strategies in Auto Finance: Why Change and Why Now presented by Earnix
The auto finance market has seen rapid shifts in demand for both new and used vehicle financing in the past two years… Read the rest
October Featured Business Partner | ACI Worldwide
Oct 04, 2022
The featured Business Partner for October is ACI Worldwide.
As an unrivaled leader in billing and payments, ACI Worldwide offers ACI Speedpay, proven to drive efficiency and increase collections. Through our comprehensive suite of software… Read the rest
LISTEN | The Importance of Neurodiversity
Oct 03, 2022
This edition of the AFSA Extra Credit Podcast is a bit of a teaser for our D&I session at the 2022 AFSA Annual Meeting where Anthony Pacilio, Vice President of Neurodiverse Solutions at CAI will talk about Neurodiversity. We wanted to prime… Read the rest
PayNearMe Announces Record Growth as Client Wins Climb
Oct 03, 2022
SANTA CLARA, Calif., Sept. 29, 2022– PayNearMe, a fast-growing fintech company radically improving the customer payment experience, today announced record company growth, evidenced by significant increases in transaction counts and… Read the rest
Consumer Credit Stands with American Families
Sep 30, 2022
As Hurricane Ian continues to barrel across Florida and north up the Atlantic coast, and downgraded typhoons ravage the Alaskan coast, American families begin to turn to the hard task of rebuilding. In a time of very little certainty, they … Read the rest
A Helpful Reminder from the CFPB
Sep 29, 2022
Today, the CFPB released a blog post entitled, Examining the potential impact of high vehicle costs on Americans with deep subprime credit scores. The report concluded, “It seems likely that many deep subprime consumers have been priced … Read the rest
White House Feeling it on Fees
Sep 28, 2022
Yesterday, President Biden gave remarks at a meeting of the White House Competition Council, which is composed of a number of administration officials, including Treasury Secretary Janet Yellen and CFPB Director Rohit Chopra.
The President’s… Read the rest
The BBB Must be Better on Consumer Credit
Sep 27, 2022
The Better Business Bureau, International (BBB) has released a report on predatory payday and cash-advance lenders and debt collection scams. The report generally raises three issues. First, the BBB says its “scam tracker” identified … Read the rest
Don’t Be Fooled … All Lenders Are Not the Same
Sep 23, 2022
The Center for Responsible Lending (CRL) is out with a new report that is a lot like its other reports on consumer credit and predatory lenders. But this time, there’s a twist.
Rather than focusing on the unhelpful fallout of state-based interest-rate… Read the rest