Experts Discuss the Role of APR with Dr. Charles Richards

NILA (National Installment Lending Association) is a new association for an old industry. Installment Lenders were the original core of what became the American Financial Services Association (AFSA), which was formed in order to work with Arthur Ham and the Russell Sage Foundation on consumer credit reform a hundred years ago. Ham credited these lenders with playing a crucial part in getting the universal consumer credit law written in 1914 and passed in so many states. After AFSA expanded to include providers of other types of consumer credit, such as mortgages, vehicle finance and credit cards, installment lenders felt the need for a new association which would retain a more singular focus on traditional installment lending.

See another video and read more here: value and significance of the consumer installment loan industry.