The new
CFPB Proposed
Rule released today on small dollar loans has raised many questions. However, it does not affect at all our digital PaySound loan.
Specifically, the Proposed Rule states that it covers loans with
a term of 45 days or less, or, loans with a term greater than 45 days,
provided that they have
an all-in annual percentage rate greater than 36 percent. The
Proposed Rule specifically excludes
overdraft services and lines
of credit. (See page 5,
our italics added)
Our PaySound® loan product does not fall under the Proposed Rule as it is a 1) line-of-credit, 2) exceeds 45 days, and 3) the all-in APR is 15% or less. For more information, click here.
Our PaySound® loan product does not fall under the Proposed Rule as it is a 1) line-of-credit, 2) exceeds 45 days, and 3) the all-in APR is 15% or less. For more information, click here.
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