In certain states, the price caps therefore the complete APRs we now have determined are not airtight, as the state has looser guidelines for open-end credit lines. (Open-end credit—a bank card may be the prime example—does not need a set loan amount or term). Regarding the 44 states whose lending that is non-bank specifically enable open-end credit, some usually do not cap interest levels, plus some have actually price caps but don’t have unambiguous, airtight caps in the charges that lenders can impose. As a result of these not clear limitations, we had been struggling to determine full APRs for those states.
