Once again, the CFPB is on the warpath. The Consumer Financial Protection Bureau declared war on the American consumer loan some time ago, and have not backed down since. Their last move was to enact a law requiring certain lenders to make sure their customers have the ability to pay back the money they borrow.
Which to be honest, sounds like a very sensible law. A consumer loan is the only option Americans with bad credit have when they need quick cash. It is certainly predatory, and also just plain bad business sense, to put people into debt if you know they cannot pay you back.
Law of the Consumer Loan
The new rules laid out by the CFPB are not aimed at all loans and lenders. These rules apply only to the loans that “require borrowers to repay all or most of the borrowed money all at once.” This includes payday loans, deposit-advance loans, car title loans, and any sort of long term loan that has a balloon payment.
The CFPB is merely attempting to live up to their name. They want to protect the finances of the American consumer, and shield us from abusive loan practices. And while this is an exemplary idea, it does remove one of the few options that many Americans have.
Yes, we applaud the efforts to curb the shady consumer loan, but there are 50 million Americans with bad credit who still need another option. The CFPB has no other options to present.
But we do.
The Rebirth of the Consumer Loan
Unlike payday loans, bank loans offer locked-in rates, and locked-in repayment schedules. In other words, with a bank loan you know how much every payment will be, when each payment is due, and when your loan will be entirely paid off. You know all these things before you even sign the loan contract.
Finally there is a consumer loan that offers these sane up-front and transparent qualities.
The NSL installment loan gives you your entire loan repayment schedule in writing. This is the consumer loan you can trust. No extra fees or hidden charges, no balloon payments, just every penny of every payment in writing. And then YOU decide if this is the loan for you!
Unlike the bank loans, however, the NSL installment loan does not require a credit check. It does not require excessive paperwork. It can be done online and over the phone.