According to the Consumer Financial Protection Bureau (CFPB), new regulations are necessary to protect helpless consumers from predatory lenders. The chief villain in the CFPB’s tale is the payday lender, but the new rules will impact much more than payday advances.

Every year, a variety of companies provide billions in credit through all sorts of small short-term loans that banks don’t provide. These products include, among others, payday advances, title loans, and what are traditionally referred to as installment loans.

Many of the companies that provide these loans, particularly installment loans, have been around for more than a century precisely because they help people. Consumers use all types of small-dollar loans to help with all kinds of expenses, some of which arise unexpectedly. These various forms of credit give people access to products ranging from appliances and furniture to rent and emergency vehicle repairs. This means Americans could be out of luck next time they need to go buy a new couch, washing machine, or car.

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