A federal law that requires disclosure of a truth-in-lending statement for consumer creditThe ability of a person to borrow money, or buy goods by paying over time. Credit is extended based on a lender’s opinion of the person’s financial situation and reliability, among other factors.... More. The statement includes a summary of the total cost of credit, such as the annual percentage rate (APR)The cost of a loan or other financing as an annual rate. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay.... and other specifics of the credit.
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