As the calendar turns to April, we welcome in one of the most glorious times of the year. The days are getting longer. The sun once again kisses our skin, some of which has been clothing-covered for four consecutive months. Trees and plants begin to flower. But there is a darker side. Also as the calendar turns to April, the friends and family you know and love transform into prank-loving demons.
April Fools’ Day has the ability to turn even the honest souls among us into deceptive lie-mongers whose only objective is to trick you into believing something false. And, unfortunately, there are no rules in place to help you avoid finding your car covered in Saran Wrap, or getting a pie in the face, as the result of one of these pranksters.
When it comes to the lending industry, though, there is a rule to help prevent you from being tricked. The Truth in Lending Act, commonly referred to as TILA, has a number of provisions that regulate how lenders and creditors can act and what they can say. The TILA is working for you to keep that pie out of your face, so to speak, by requiring lenders to be more trustworthy.
Here are a few of the things you may see if you’re not choosing trustworthy lenders, and some things to think about if you’re in a tough spot and need a loan fast:
This April, don’t be fooled if you find yourself needing a short-term loan. Know what you should expect from a lender.