truth in lending
Loan transparency mandate
Truth in lending refers to the principle—and the U.S. federal law enforcing it—that lenders must clearly disclose loan terms to borrowers before they commit.
This includes interest rates, fees, and total costs over the life of the loan.
The Truth in Lending Act (1968) standardized how lenders present this information, making it easier to compare offers: The truth in lending disclosure showed the real cost of that low introductory rate.
- disclosureAct of revealing information
- full disclosureWithholding no information
- APRYearly borrowing cost
- interestAttention, stake, or fee
- borrowerOne who takes temporarily
credit score · loan shark · mortgage · good faith estimate · credit card · transparency · fees · contract · regulation · consumer · consumer protection · loan · statement · closing costs · balloon payment · interest rate · finance charge · repayment
truth in lendinghidden fees
Concealed additional costs
predatory lending · bait and switch · fine print · obfuscation · usury
truth in lendingcaveat emptor
Warning to shoppers
loan sharking · deregulation · shadow banking · payday lending · self-regulation
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