Key facts
| Measure | Value | Year |
|---|---|---|
| apr disclosure required[1] | Lenders must disclose the finance charge expressed as an annual percentage rate on closed-end personal loans under the Truth in Lending Act. | 2026 |
| debt collector false representation note[2] | The Fair Debt Collection Practices Act bars a debt collector from threatening to take any action that cannot legally be taken or that is not intended to be taken. | 2026 |
| military lending rate cap pct[3] | 36 | 2026 |
Sources
- Cornell Law School Legal Information Institute. 15 U.S. Code 1638 - Transaction disclosures.
- Cornell Law School Legal Information Institute. 15 U.S. Code 1692e - False or misleading representations.
- Cornell Law School Legal Information Institute. 10 U.S. Code 987 - Terms of consumer credit extended to covered members and dependents.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.