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12-02-2021, 09:57 AM #1
The primary system that allows lenders to bypass state interest rate caps is to partner with a state or federally chartered bank. Banks are exempt from complying with the interest rate caps of states. Often times you will notice that it is not "the lender" as you know them making the loan itself, but rather the bank they are partnered with. Afterwards the bank can sell the loan to the lender or use the lender to fully service the loan on their behalf. Here's me talking about it: https://debanked.com/tv/?v=532324556
It is okay to use the word on loan contracts. In fact, if it really is a loan, that is the term you should definitely use. You should read every contract you present to a merchant in full so that you know exactly what it is you are selling. And if it is a loan, you need to know what makes the company legally eligible to offer them. Some states require a lending license. If the lender demurs on explaining to you as the broker how they are legally able to make loans, do not work with them.
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