The primary purpose of the Truth-in-Lending Act is to provide disclosure of basic information about the cost and terms of credit to consumer-borrowers.

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The Truth-in-Lending Act, also known as TILA, was enacted in 1968 to ensure that consumers receive accurate and meaningful information about the cost and terms of credit. This information includes the annual percentage rate (APR), finance charges, and other important terms and conditions of the loan. The goal of TILA is to promote informed decision-making and protect consumers from deceptive practices by lenders.

The Primary Purpose of the Truth-In-Lending Act Is to Provide