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Single pay and the MLA

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

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.
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Learn more about Jack and Kelly’s webinar Military Lending - 11th Hour Checklist

First published on 09/18/2016

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