Predatory Lending Legal Concerns

Summary

In Michigan, theres no specified interest rate cap for installment loans over $1,000. The Truth in Lending Act allows rescission for certain loans within 3 business days, typically home equity loans, refinancing, and second mortgages. Arbitration agreements usually mean disputes are settled out of court, but lenders might still sue for default depending on the clause. Consult a local attorney for personalized advice.

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Michigan
It seems like you're dealing with a case of predatory lending. Here are key points to consider:
- In Michigan, there's no specified interest rate cap for installment loans over $*,*.
- The Truth in Lending Act gives you the right to rescind certain types of loans within * business days.
You may consider seeking legal help to better understand your situation.
Which "certain types of loans?"
The "certain types of loans" typically include:
- Home equity loans
- Home refinancing loans
- Second mortgages
Remember, this usually applies when the loan is secured by your residence. Other types, like personal or payday loans, may not fall under this right.
Okay thank you
You're welcome! If you have any other questions or need further clarification on any legal topic, feel free to ask. I'm here to help!
Is it likely they would take me to court for defaulting if we signed arbitration agreements
Arbitration agreements typically mean disputes will be settled out of court. However, if you default, the lender might still sue depending on the arbitration clause. Please consult with a local attorney for specifics.