Consumers need credit, not confusion.
“Policymakers and regulators at the federal and state levels must continue to focus on setting straightforward consumer credit protections—rules that protect consumers while giving businesses the certainty they need to compete and serve customers.”
Celia Winslow, President & CEO, AFSA
A Case For Credit
The CFPB Must Provide Clarity to Consumers and Lenders
The CFPB’s overreaching regulations are harming – not helping – consumers.
Consumer Credit Protections
Traditional Installment Lenders’ Consumer Credit Protections benefit consumers with affordable and transparent loans. The Consumer Credit Protections are built on four principles:
Consumer Confidence
Consumers deserve choices in loan products they can be confident will benefit them and meet their needs.
The Right Price
Consumers deserve a loan that is affordable and won’t hamstring them month to month or trap them in a cycle of debt.
Clarity and Certainty
Consumers must have understandable loans, with agreements that include all costs, disclosures and clear terms and conditions.
Privacy and Security
Consumers must be confident that their personal information and sensitive data is protected and respected by those they do business with and regulators that have access to that data.
Rules of the Road
What happens when the CFPB doesn’t set clear expectations and rules of the road? Watch this video to learn more.
What is Traditional Installment Lending?
For more than a century, traditional installment lenders have
helped consumers meet their unique credit needs.
Traditional installment lenders serve millions of consumers – those with good credit, as well as those with imperfect credit – because consumers deserve responsible and affordable alternatives to gray- or black-market loans, or loans that trap borrowers in a cycle of debt.
Empowering Your Finances
Understanding the consumer credit products available to you helps you make the most informed decisions for you and your household and to take control of your financial future.
A better understanding of the fundamentals of personal finance will help you prepare for unexpected expenses or to purchase a new or used vehicle.
We are AFSA
Founded in 1916, the American Financial Services Association (AFSA) is the primary trade association for the consumer credit industry, protecting access to credit and consumer choice. AFSA members provide consumers with many kinds of credit, including traditional installment loans, direct and indirect vehicle financing, mortgages, payment cards, and credit for non-vehicle retail customers. AFSA members do not provide payday or vehicle title loans.