The facts in Lending Act: Consumer Protection, Complimentary Market Competition

Congress passed the facts in Lending Act (TILA) in 1968, a main feature of which ended up being the necessity that loan providers disclose the APR for several kinds of loans. The intent would be to provide customers a precise way of measuring the price of the many credit options they could be considering, so that they will not need to spend needlessly high interest levels or be caught in loans with concealed costs or…