Oswald applied for a loan from Pointe Lenders. Pointe's reasonable cost of checking Oswald's credit will be considered as part of the financing charge when determining whether Pointe's rate of interest exceeds that allowable under the usury statute.

Question

Quizplus · Accepted Answer

The cost of checking credit is typically not included in the finance charge for determining usury, as it is considered a separate administrative fee rather than part of the interest rate.

Oswald Applied for a Loan from Pointe Lenders