Line of credit (open-end)
An open-end structure (e.g. Mobiloans) that dodges closed-end rate caps and hides the true cost.
What "line of credit (open-end)" means
An open-end line of credit lets you draw, repay and redraw up to a limit, billed with monthly fees rather than a fixed APR on a set loan. Some lenders (Mobiloans is the best-known tribal example) use the open-end form because in several states it sidesteps the rate caps that apply to closed-end loans.
The catch is the minimum-payment trap: if the monthly cash-advance and maintenance fees are large, a minimum payment can fail to reduce the balance at all. Model a fixed payoff instead of paying the minimum.