Apollo - Standards of conduct for investment in payday and installment lenders AFR NCLC CRL PA 010418

A coalition of consumer advocacy organizations urges Apollo Global Management to implement strict standards for its payday and installment lending investments, including a 36% APR cap and ability-to-repay determinations, or otherwise divest within six months.

• The authors argue that payday and car title lenders employ structures that create a "long-term debt trap" for consumers, characterized by triple-digit annual interest rates (often 300% or higher) and a lack of underwriting for the borrower's ability to repay.
• The document proposes five specific standards of conduct for investors in the payday, car title, and installment lending sectors: a maximum full APR of 36% (or lower if state law dictates), good faith ability-to-repay determinations, the prohibition of mandatory arbitration, the cessation of "rent-a-bank" or tribal entity schemes to circumvent state laws, and an end to lobbying for higher rates and fees.
• The coalition demands that if payday or installment lenders do not implement these standards, the investment manager must exit the investment within a six-month period.

APA

Private Equity Stakeholder Project (2018). Apollo - Standards of conduct for investment in payday and installment lenders AFR NCLC CRL PA 010418. http://pestakeholder.org/wp-content/uploads/2018/01/Apollo-Standards-of-conduct-for-investment-in-payday-and-installment-lenders-AFR-NCLC-CRL-PA-010418.pdf

Chicago

Private Equity Stakeholder Project. Apollo - Standards of conduct for investment in payday and installment lenders AFR NCLC CRL PA 010418. 2018. http://pestakeholder.org/wp-content/uploads/2018/01/Apollo-Standards-of-conduct-for-investment-in-payday-and-installment-lenders-AFR-NCLC-CRL-PA-010418.pdf.

Wikipedia

{{cite press release |author=Private Equity Stakeholder Project |title=Apollo - Standards of conduct for investment in payday and installment lenders AFR NCLC CRL PA 010418 |date=4 January 2018 |url=http://pestakeholder.org/wp-content/uploads/2018/01/Apollo-Standards-of-conduct-for-investment-in-payday-and-installment-lenders-AFR-NCLC-CRL-PA-010418.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{privateequitystakeholderproject2018apollo, author = {{Private Equity Stakeholder Project}}, title = {{Apollo - Standards of conduct for investment in payday and installment lenders AFR NCLC CRL PA 010418}}, publisher = {Private Equity Stakeholder Project}, year = {2018}, month = jan, url = {http://pestakeholder.org/wp-content/uploads/2018/01/Apollo-Standards-of-conduct-for-investment-in-payday-and-installment-lenders-AFR-NCLC-CRL-PA-010418.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }