Federal law requires all lenders to disclose the Annual Percentage Rate (APR) and total finance charge prior to loan execution under the Truth in Lending Act (TILA).
Representative APR Example
| Loan Type | Principal | Term | Finance Charge | Representative APR |
|---|---|---|---|---|
| Single-Payment Advance | $300 | 14 Days | $45 ($15/$100) | 391.07% |
| Installment Loan | $1,000 | 12 Months | $198.60 | 35.99% |
| Credit Union PAL | $500 | 6 Months | $41.80 + $20 app fee | 28.00% |
Fee Regulations by State
Maximum allowable finance fees, loan limits, and rollover prohibitions vary by jurisdiction. For detailed state usury statutes, review our comprehensive State Usury Laws & Rate Caps Guide.