Q: If I get an installment loan do I have the right to give the money back in full within 3 days?
Does that mean 3 business days?
Maybe. It depends on what type of loan it is. The right of rescission doesn’t apply to every type of loan. These loans qualify for the right of rescission:
Mortgage refinance with a different lender
Cash-out refinance with your existing lender
Home equity loan
Home equity line of credit (HELOC)
Home equity conversion mortgage (HECM)/reverse mortgages
Bridge loan secured by the principal residence
Here are loan products where the right of rescission does not apply:
Refinancing a mortgage with the same lender
Business loan secured by the primary residence
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