Here are the definitions I have used to sort through our portfolio for RM purposes:
Payday loan - a closed-end loan in the amount of $2000 or less, due in 91 days or less. Definition is further constrained to loans where payment is by post-dated or otherwise held check or authorization to debit another account at the bank for repayment.
Vehicle Title Loans - Loans secured by a vehicle title with a term of 181 days or less. This is applicable to motor vehicles required to be registered with the state. This does NOT include purchase transactions.
Refund Anticipation Loans - as the “type” implies, these loans would be “secured” by the anticipated tax refund…not simply a reference as to “source of repayment”.
If your loan does not meet the definition, it is not covered.
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My opinion only. Not legal advice.
Say you'll haunt me - Stone Sour