Short-term installment loan definition
Short-term installment loan means an extension of credit that does not exceed eight hundred dollars, the duration of which is not less than ninety days and six installments, and the interest on the loan is calculated in compliance with 15 U.S.C. 1606 and does not exceed an annual percentage rate of twenty-eight per cent. For the purpose of this section, interest and annual percentage rate have the same meaning as in section 1321.35 of the Revised Code.
Short-term installment loan means an extension of credit that does not exceed eight hundred dollars, the duration of which is not less than ninety days and six installments, and the interest on the loan is calculated in compliance with 15 U.S.C.
Short-term installment loan means a loan in an amount less than or equal to two thousand five hundred dollars ($2,500) that is to be repaid in a minimum of three successive substantially equal payment amounts to pay off a loan in its entirety with an initial stated maturity of not less than ninety days to maturity and less than one hundred eighty days to maturity. "Short-term installment loan" does not mean a loan in which a licensee requires, as a condition of making the loan, the use of postdated checks or debit authorizations for repayment of that loan or a refund anticipation loan; and