NAFSA people offer small-dollar, short-term use of credit. Are these loans just like ???payday loans????

The short-term installment loan items made available from NAFSA users’ TLEs are not payday advances; they truly are installment loans. NAFSA members never ever participate in abusive collection methods or perhaps in almost any real means disrespect or overlook the legal rights of our clients.

Unlike pay day loans, installment loans are amortized, have definite loan term and need payments that get toward not only interest, but pay down of loan principal. Unlike conventional payday products, installment loans don’t ???roll over??? (where costs are evaluated to keep up, yet not spend down the loan), and also by needing re payments be produced toward the key associated with the loan with defined re payments, installment loans help deter the cycle of debt perpetuated by numerous, unchecked rollovers. Read the rest of this entry »