A bill introduced in Washington's state senate early this year proposed allowing «
small consumer installment loans» that could carry an annual rate of more than 200 percent.
The average APR
on consumer installment loans from members of the Marketplace Lending Association is 17 %, while the CFPB's rate threshold for «high - cost» installment lending is 36 %.
Since 1969, HUD has been providing loan insurance on manufactured homes under Title I. HUD's participation has encouraged mortgage lenders to finance manufactured homes by protecting them against the risk of default, which had traditionally been financed as personal property through short - term, comparatively high -
interest consumer installment loans.
They were developed as a way to determine a repeatable, workable methodology in administering and underwriting credit debt, residential mortgages, credit cards and indirect and
direct consumer installment loans.
Since the recession's end,
consumer installment loans have grown faster than real - estate secured debt and has been shown to be rising faster than household income as well.