Key Issues: Personal loan | Loan application | Lease application | Medium amount contract | Consumer lease | Interest rate cap
The consumer’s complaint is about her lease with the FSP, entered into on 6 June 2014.
We find that the consumer’s arrangement with the FSP, while called a lease, in fact operates as a personal loan. As a result, the FSP has failed to apply the 48% interest rate cap.
To resolve this complaint, we recommend that the FSP refund $990.38 to the consumer.