How does Truth In Lending Act protect consumers when shopping for a loan?

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14-12-2018
Business

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How does Truth In Lending Act protect consumers when shopping for a loan?

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kiersten973 kiersten973 · Answer 1 · 2018-12-14T22:55:30+01:00

kiersten973 kiersten973

14-12-2018

It protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.

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lucic lucic · Answer 2 · 2019-01-28T05:11:43+01:00

Answer

The Truth in Lending Act protects consumers when shopping for a loan by protecting then against inaccurate and unfair credit billing and credit card practices.

Explanation

The Truth in Lending Act ( TILA) was designed to ensure there is an informed way of using credit cards. It promotes disclosure on its terms and costs to create a standard in the way the costs associated with loan borrowing are calculated. Under this federal law, lenders are required to provide clients with loan cost information so that they can make a comparison shop for the various loans given.