Richmond, TX asked in Consumer Law for Texas

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?

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1 Lawyer Answer
John Michael Frick
John Michael Frick
  • Frisco, TX
  • Licensed in Texas

A: 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:

Home purchase

Second home

Vacation home

Investment property

Refinancing a mortgage with the same lender

Business loan secured by the primary residence

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