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Truth-in-Lending Disclosure

You will receive a Truth-in-Lending Disclosure from your lender within three days after you apply. The Truth-in-Lending Disclosure provides a summary of how your loan will be repaid and itemizes the approximate costs associated with applying for a loan.

The Truth-in-Lending Disclosure (.pdf) indicates:

  • the finance charge
  • the annual percentage rate
  • the number of payments you will make
  • the amount of each payment and when it is due (for fixed-rate loans)
  • any late payment charges that may apply
  • the total amount you will pay in principal and finance charges over the life of the loan

Note: There is one item on the Truth-in-Lending Disclosure form that people often find confusing. The APR (Annual Percentage Rate) is not the same as the interest rate and is typically higher than the interest rate you were quoted. This is because the APR represents the total cost of obtaining your loan including points, interest and all other finance charges.