Small consumer loan definition
Small consumer loan means a loan upon which interest is
Small consumer loan means a loan upon which interest is charged at an annual percentage rate exceeding 36.00% and with an amount financed of $4,000 or less. Small Consumer Loan does not include a title secured loan as defined by Section 15(a) of the Act or a payday loan as defined by the Payday Loan Reform Act [815 ILCS 122].
Small consumer loan means a loan upon which interest is charged at an annual
More Definitions of Small consumer loan
Small consumer loan means a loan with a principal amount
Small consumer loan means a loan upon which interest is charged at an annual percentage rate exceeding 36% (as defined by 815 ILCS 122/1-5) and with an amount financed of $4,000 (four thousand dollars) or less. “Small consumer loan” does not include a title-secured loan as currently defined by the Illinois Consumer Installment Loan Act or a payday loan as currently defined by the Payday Loan Reform Act. A small consumer loan shall be fully amortizing and be repayable in its entirety in a minimum of 6 substantially equal and consecutive payments with a period of not less than 180 days to maturity.