Personal LoansWHAT FEDERAL LAWS SHOULD I
Truth in Lending Act - Requires creditors to
give you written disclosures of important terms of
the credit agreement such as APR, finance
charges, monthly payment amounts, payment
due dates, total amount being financed, length of
the credit agreement and the consequences of
not making monthly payment.
Federal Trade Commission's Credit Practices
• Requires creditors to provide a written notice to
potential co-signers about their liabilty if the
other person fails to pay,
• Prohibits late charges in some situations; and
• Prohibits creditors from using certain contract
provisions that the government found to be
unfair to consumers.
Equal Credit Opportunity Act - Prohibits the
denial of credit because of your sex, race, marital
status, religion, national origin, age, or receiving
Fair Credit Reporting Act - Gives you the right
to learn what information is being distributed
about you by credit bureaus.
Fair Debt Collection Practices Act - Prohibits
third party debt collectors from using unfair or
deceptive practices to collect overdue bills that
your creditor has forwarded for collection.
FEDERAL TRADE COMMISSION
Washington, D.C. 20580
Phone: 877-FTC-HELP (382-4357)
Web site: www.ftc.gov
FEDERAL RESERVE SYSTEM
Washington, D.C. 20551
Phone: (202) 452-3693
Web site: www.federalreserve.gov
✓ Budget your money - Provide your monthly
spending plan when you meet with creditors. It will
help them make a responsible decision.
✓ Shop, Shop, Shop - Compare the costs of
credit from different creditors. Shop for credit like
you would shop for anything else.
✓ Beware of "now or never" offers - If it's a
good deal, it will probably still be there after you've
had time to think about it. Don't be pressured into
making a quick decision.
✓ Ask questions - Don't sign on the line until all
your questions have been answered.
✓ Read the contract - Don't sign a contract that
you don't understand or has any blanks. (A signed
contract with blank