Truth-in-Lending Act

The federal Truth-in-Lending Act requires lenders to disclose the following information:

1. the annual percentage rate (APR), which is the cost of your loan or credit expressed as an annual rate
2. the fact that variable rates may apply
3. the finance charge, which is the total of all charges for the loan including interest, any service, carrying charges or points
4. the length of any grace period before you must make a payment
5. the amount being financed
6. the payments required
7. other applicable fees, such as penalties for paying off a loan ahead of schedule