The Truth in Lending Act requires that credit terms be stated in clear and easy-to-understand language. A credit contract must always state the following:
Amount financed: the amount of credit you receive (in dollars and cents).
Finance charge: the amount that credit will cost you (in dollars and cents).
A
nnual percentage rate (APR): the cost of your credit expressed as a yearly rate. % is the symbol for percentage.
Some creditors offer lower finance charges and better services than others. When choosing credit, compare annual percentage rates offered by different creditors, to find the lowest rate.
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The Truth in Lending Act requires that credit terms be stated in clear and easy-to-understand language. A credit contract must always state the following:
Some creditors offer lower finance charges and better services than others. When choosing credit, compare annual percentage rates offered by different creditors, to find the lowest rate.