Taking out a loan can be a big decision, and the Truth in Lending disclosure is a standard form designed to help you understand your loan's specific terms, like how much you've borrowed, how many payments you'll make, and what your annual percentage rate (APR) is.
Make sure to read over this form before signing and agreeing to your loan terms. If you've already signed your loan documents and want to review your Truth in Lending disclosure, you can sign in to your account and go to the Loan Documents section.
- This section shows an overview of your loan, laying out your APR, total loan amount, and the amount you'll pay over the life of your loan.
Annual Percentage Rate (APR)
This includes your yearly interest rate and origination fee, as well as the check fee, if you've chosen to pay by check.
The total amount you'll pay in interest, plus your origination fee. Think of it as your APR as a dollar amount. This is an estimate, because if you make extra payments or pay off your loan early, you'll pay less in interest.
The amount you borrowed minus your origination fee, which matches the amount under "Total Amount Received."
Total of Payments
The total amount you'll pay by the end of your loan if you make on-time monthly payments and make no extra payments. This is an estimate, because if you make extra payments or pay off your loan early, you'll pay less in interest. If you pay late, you'll pay more with possible late fees or additional interest.
- Your payment schedule shows the total number of payments you'll make, the amount of each payment, your due date, and the date you'll pay off your loan.
- This breakdown shows you the total amount of your loan, the origination fee, and the total loan amount minus the origination fee.
Total Amount Requested
The amount of your loan.
A one-time fee of 1–6% that's only charged when you get your loan. It's included in your APR and is deducted from your loan when it's sent out, so you'll get the amount you were approved for, minus the origination fee.
Total Amount Received
The amount you borrowed minus your origination fee. It should match the amount under "Amount Financed."