I’ve noticed that when I ask lenders about their APR calculation, they assume it’s correct. We used to think that way too. Calculating APR’s for single payment loans is easy. It starts to get complicated when you do installment lending, different frequencies, odd days, rolling back/forward due dates.
I’d like to do a free webinar about APRs. Like how to test APRs and what variables to use and why. If I can get enough lenders to join up, I’ll do a Webex. Additionally, if you like, I can also take a look at a loan agreement and give you some feedback. I’m not a TILA expert, but a play one on television. You would be surprised at how many attorney’s we deal either miss this stuff or don’t really understand it.
Please contact me below.
