TILA

The Truth in Lending Act (TILA) is a U.S. federal law designed to protect consumers by ensuring they receive clear and accurate information about the costs of borrowing. It requires lenders to disclose important details—like interest rates, monthly payments, and fees—so borrowers can compare different loan options and understand their financial commitments. TILA also covers credit cards and regulates how lenders communicate terms, helping consumers make informed decisions and avoid surprise costs. Overall, it promotes transparency and fairness in lending practices.