asked 232k views
4 votes
How does Truth In Lending Act protect consumers when shopping for a loan?

asked
User Cslotty
by
8.2k points

2 Answers

6 votes
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.
answered
User Neils
by
7.9k points
3 votes

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.

Step-by-step 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.


answered
User JuHwon
by
8.5k points

No related questions found

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.