Meta Search Engine Navigation


Look For It  




How Fair Lending Protects Us


Top » Loans

by Peter Kenny

ARTICLE REPRINTING IS PERMITTED

Fair lending is an extremely important issue in the protection of consumers and their interests. There is a variety of legislation, both state and federal, that will be in place to make sure that lenders do not take advantage of consumers when they are borrowing money. One of the most important is that they explain the terms of the loan to you properly.

The annual percentage rate, or APR of the loan, which is the total cost of loan including all extra charges and arrangement fees must be clearly disclosed to consumers. They must also tell you of all other charges, penalties and fees that may be due under the loan. They must tell you how often you must make loan repayments, for example if they are monthly, or weekly or on another timescale. They must also tell you for how long the loan will last; this is the lifetime or term of the loan. Then they must tell you how much each repayment will be.

As well as all of these vital details, the lender must also make you aware of any amount that must be paid down, at the beginning of the loan, or at the end of the loan. You must be informed of the ways in which you can repay the loan early and whether such early repayments will incur additional charges. You must also be told how to cancel the loan within a set cancellation period.

It is illegal for any lender to force or coerce you into taking a loan, and your bank, a car dealer, a home lease or any other company cannot force you to take on credit from their company if you think you can get a better deal from someone else. For example, if a car dealer offers you credit to buy a car in his lot, then you can always go to your bank or any other lender and see if you can get a better deal or more favourable terms from them.

If you are thinking of getting short-term loans such as a payday loan then you will have different rights and you should be given a leaflet or brochure explaining your rights. This is the same if you are pawning something in a pawnshop. If you are not given a list of such rights you should go online immediately and find out these rights from federal trade commission and make sure you have not been taken advantage of.


Information About The Author

Peter Kenny is a writer for creditcards-gb For additional articles and an extensive resource for everything about credit cards, please visit us at Credit Cards UK and Personal Loans UK http://www.creditcards-gb.co.uk


Published by Meta Search Engine LOOK-4IT.COM.




You can reprint this article for FREE at your web site. Doing this you agree to keep all texts and hyperlinks unchanged.

Please keep reference to LOOK-4IT.COM meta search engine as well, if you decide to use this article as a free content for your web site.

Back to article category: Loans

Additional Loans Articles

California Sized Loans Storm the Market
You knew that it had to happen: a 50 year fixed rate mortgage loan would crop up sooner or later. Of course, California was and is the logical choice for this type of loan and it is in the Golden State where 50 year mortgage loans are most popular. What is behind this phenomenon and, is a 50 year mortgage right for you?

The Best Loan Alternatives
Although it is true that loans are often a good option for borrowing money, they are also inflexible, and if you are someone who wants to pay back your loan early then there can be heavy penalties. However, there are some alternatives to loans if you want to borrow money

The Wrong Reasons To Get A Loan
If you think that you are getting a loan for the right reasons, then things should work out for you. However, you should think carefully before you take out the loan, and if your reasons are poor then you should look at reducing your spending rather than increasing your debt.

The Fastest Way To Secure A Loan
You should not have to pay very high rates simply because you need the money immediately. Many loan companies can give you a decision and have the money sent to you within a few days if you have everything ready beforehand.

How To Avoid Hidden Loan Charges
Making sure you have the right loan insurance for your needs can save you literally hundreds of pounds in charges. Just remember that once you know about these hidden charges, it is easy to avoid them and find a great loan deal.







Home  |  Submit Article  |  Link to Us  |  Directory  |  Free Content  |  Contact Us  |  Privacy Policy  |  Terms of Use

Copyright © 2005-2006, LOOK-4IT.COM. All rights reserved.

All trademarks, icons, and logos, shown or mentioned at this web site, are the property of their respective owners.
The information in the articles is provided without any warranty and must by used by the reader at their own discretion.
A professional opinion should be sought before taking any of the advice.