Payday, Vehicle Title, and High-Cost Installment Loan Policy

$175.00

This Payday, Vehicle Title, and High-Cost Installment Loan Policy Template addresses payday, vehicle title, and high-cost installment loan products, underwriting, and related lending operations of a bank, credit union, fintech company, or other type of financial institution to provide a foundation of safe and sound credit decisions and adherence to all applicable laws, rules and regulations.  See more information about this product below.  In addition, we recommend adding a Product Update Protection Plan to your shopping cart to ensure you automatically receive an updated version of this policy template every time it is revised by us via e-mail within one year from the date of purchase.

Payday Loan Policy

This Payday Loan Policy Template addresses payday, vehicle title, and high-cost installment loan products, underwriting, and related lending operations of a bank, credit union, fintech company, or other type of financial institution to provide a foundation of safe and sound credit decisions and adherence to all applicable laws, rules and regulations.

Table of Contents

  • Purpose and Contents – Topic 1
  • Policy Statement – Topic 2
  • Definitions – Topic 3
  • Risk Management – Topic 4
  • Scope of Coverage, Exclusions, and Exemptions – Topic 5
  • Underwriting Standards – Topic 6
  • Payment Standards – Topic 7
  • Applicability of Subprime Lending Guidance – Topic 8
  • Affordability and Pricing Standards – Topic 9
  • Principal Reduction Standards – Topic 10
  • Cost Feasibility Standards – Topic 11
  • Savings Component Standards – Topic 12
  • Collaboration Standards – Topic 13
  • Financial Education – Topic 14
  • Marketing – Topic 15
  • Application and Origination – Topic 16
  • Collections, Accounts in Default, and Consumer Reporting – Topic 17
  • Third Party Relationships – Topic 18
  • Other Regulatory Concerns – Topic 19
  • Audit Policy – Topic 20
  • Staff Training – Topic 21
  • Retention of Documentation – Topic 22

Recent updates to this product:
03/18/24 Update
Eliminate and/or modify references to the term “Troubled Debt Restructuring” (TDR) with a “Borrower Experiencing Financial Difficulty.”

This Payday Loan Policy Template (approximately 40 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.

NOTE: The complete contents of this product are also included in the Consumer Loan Policy Template.

Want to ensure your purchase from BankPolicies.com remains current? Add a Product Update Protection Plan to your shopping cart to ensure that you will automatically receive an updated version every time it is revised via e-mail within one year from the last date of purchase. This timely and cost-effective solution ensures that you stay on top of federal regulatory changes and industry recommended best practices.

When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.

BankPolicies.com provides your financial institution with the best bank policy template products available in the industry. You will always be up to date with the latest changes to bank policies and never have to worry about being out of compliance with the various laws, rules and regulations issued by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), or other federal regulatory bodies that may apply to your organization.

Our dedicated staff of career banking industry professionals are ready to keep your financial institution up to date with the latest bank policy standards and industry best practices. Purchase your bank policies from us today and rest easy knowing you have the right team helping you and your organization stay compliant. We look forward to earning your business for all of your bank policy needs.

You may also like…

Shopping Cart
Scroll to Top