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

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

Congress passed the facts in Lending Act (TILA) in 1968, a main function of which had been the necessity that loan providers disclose the APR for several kinds of loans. The intent would be to offer customers a detailed way of measuring the expense of the different credit choices they could be considering, so they do not need to spend needlessly high interest levels or be caught in loans with hidden charges or difficult terms which make it harder to cover from the loan.