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Limitations on simultaneous borrowing. Minimum term limits

Limitations on simultaneous borrowing. Minimum term limits

Minimal term restrictions

A standard pay period of 2 weeks is assumed for states that set the minimum term limit in terms of pay periods rather than days. For example, Virginia’s restriction of 2 pay durations is coded as 28 times.

Optimum term limitations

States without any term that is maximum are coded as having a restriction add up to their state aided by the highest legal restriction, that is 60 times for Kentucky.

Limitations on simultaneous borrowing

Simultaneous borrowing restrictions are divided in to two factors: the limitation on absolute wide range of loans, therefore the restriction regarding the amount of loans per loan provider. Continue reading