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What is the purpose of the Truth-in-Lending Act?

What is the purpose of the Truth-in-Lending Act?

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The primary objective of the Truth-in-Lending act is to protect and safeguard the interest of the consumers in cases of credit availing from banks or financial institutions or individuals. This act protects the customer against unfair credit billing and practices. The lenders also need to provide details about the loan that the consumers is seeking and that includes information like rate of interest, time to be repaid and securities so that the consumer can compare the details with the other options available and make a decision based on that.

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