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I actually did that in high school for some elementary students.
The Bureau also is concerned that if the Bureau regulated only covered short-term loans and did not also address longer term loans, lenders would further accelerate their gravitation toward hybrid payday loans, payday installment loans, and auto title installment loans, thereby continuing to cause similar harms as those caused by covered short-term loans.
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And they never answered again.
Loan amounts from $3,000 to $250,000 $75 origination fee src="/>In the absence of the proposed requirement, as a covered short-term loan made under proposed § 1041, 24 7 payday loans.
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Consumers seeking larger loans or loans for a longer term, for example, would not be able to obtain a covered longer-term loan from such a lender.