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Chapter 6

  • Keep It Safe
  • You Will Know
  • Account Regulations
  • Prohibited Basis under the ECOA
  • Truth in Lending Disclosure
  • Sample Denial Letter
  • Sample Complaint Letter
  • Predatory Lending
  • Predatory Lending (continued)
  • Predatatory Loan Offer

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    Truth in Lending
    Disclosure





    Finance Charge – the total dollar amount you pay to use credit.

    Annual percentage rate (APR) – the percentage cost of credit on a yearly basis.


    Truth in Lending Disclosure
    ANNUAL
    PERCENTAGE
    RATE
    The cost of your credit
    as a yearly rate.



    12%
    		 FINANCE
    CHARGE
    The dollar amount the
    credit will cost you.




    $675.31
    		 Amount
    Financed
    The amount of credit
    prodvided to your or on
    your behalf.



    $5,000
    		 Total of
    Payments
    The amount you will
    have paid when you
    have made all scheduled
    payments.

    $5,675.31
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