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Federal Regulations

Truth in Lending Act

What is the Truth in Lending Act?

When applying for a loan, there are several laws that you should know. TILA, or the Truth in Lending Act, is one law designed to protect you during the application process. Under this Act, lenders must tell consumers how much it will cost to borrow funds. This allows customers to compare costs.

What does it do?

TILA makes credit shopping easier for consumers.

Credit costs vary from lender to lender, so written disclosures can help you shop for the best deal.

Two of the most important terms to compare on disclosures are:

  • The finance charge
  • Annual percentage rate, or APR

The finance charge is the total dollar amount you pay to use credit.

The annual percentage rate (APR) is the percentage cost of credit on a yearly basis.

What’s unique about Truth in Lending Disclosures?

In Truth in Lending disclosures, the APR and the finance charge will stand out.

For instance, this statement clearly shows how much it will cost to borrow $5,000.00:

Annual % Rate Finance Charge Amount Financed Total of Payments
The cost of your credit as a yearly rate. The dollar amount the credit will cost you. The amount of credit provided to you or on your behalf. The amount you will have paid when you have made all scheduled payments.

12%

$675.31

$5,000.00

$5,675.31

TILA enables you to compare loan costs by looking at the APRs
and will help you to get the best deal possible.

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