Skip to content
BOL Conferences
Thread Options
#21078 - 06/18/02 07:02 PM Days till first payment
BankerMama Offline
Diamond Poster
BankerMama
Joined: Jun 2001
Posts: 1,543
Just how many days can we go until the first payment on a consumer installment loan? I have always been taught 45 but can't put my hands on anything.

Return to Top
Lending Compliance
#21079 - 06/18/02 07:15 PM Re: Days till first payment
Andy_Z Online
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,763
On the Net
This is a state issue. Check your loan regulations for the state, call your state association or check in the new State forums in the BOL threads below this "room".

In Texas, as an example, a consumer installment loan may have its first payment as early as 15 days, up to a month and 15 days, from the loan date. (FYI, a "month" is defined as from that day this month to the same day of the next month. If that date does not exist, the last day of the month. So it isn't a good rule to use 45 days as a max, it may be less.)
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#21080 - 06/19/02 02:56 AM Re: Days till first payment
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,191
Toano, VA
Limitations on first payment periods may also be imposed by investors if the loans are destined for a secondary market.
_________________________
...gone fishing.

Return to Top

Moderator:  Andy_Z