high-cost short-term credit

34a regulated credit agreement :

1. (a) which is a borrower-lender agreement or a P2P agreement;
2. (b) in relation to which the APR is equal to or exceeds 100%;
3. (c) either:
   1. (i) in relation to which a financial promotion indicates (by express words or otherwise) that the credit is to be provided for any period up to a maximum of 12 months or otherwise indicates (by express words or otherwise) that the credit is to be provided for a short term; or
   2. (ii) under which the credit is due to be repaid or substantially repaid within a maximum of 12 months of the date on which the credit is advanced;
4. (d) which is not secured by a mortgage, charge or pledge; and
5. (e) which is not:
   1. (i) a credit agreement in relation to which the lender is a community finance organisation; or
   2. (ii) a home credit loan agreement, a bill of sale loan agreement or a borrower-lender agreement enabling a borrower to overdraw on a current account or arising where the holder of a current account overdraws on the account without a pre-arranged overdraft or exceeds a pre-arranged overdraft limit.