loan regulation

The Truth in Lending Act, abbreviated “TILA”, governs one big chunk of the “gosh how do I get someone else to give me their money and what will it cost me in the long run” question. TILA tells certain types of lenders how they must disclose what they charge you. The “what they charge you” component can be called any number of things, fees, interest, finance charge, points, just charges or even interest charges, but the bottom line is, if you borrow $100 from a lender and are required to pay it back, TILA requires the lender tell you the cost of obtaining credit- the price tag.

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by Clint Heyworth on 05/21/2009