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Single pay and the MLA

Would single pay loans be exempt from the Military Lending Act since they are not set up on installments?

The definition of "consumer credit" requires, among other items, that the credit is:
(i) Subject to a finance charge; or
(ii) Payable by a written agreement in more than four installments.

A transaction is covered if either condition is met. For example, a single payment loan primarily for personal, family, or household purposes upon which a finance charge is imposed is covered.
Learn more about Jack and Kelly’s webinar Military Lending - 11th Hour Checklist

First published on 09/18/2016

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