I think TILA is sufficient. The act has many great factors. The act allows consumers to back out of loans in less than three days. It also make the bank or loan provider give full disclosure of the terms and agreements. When the bank or loan provider gives these disclosures it prevents things like changes in monthly payments.
I believe that whether or not it is sufficient to prevent consumers from being prey upon is dependent on individual consumers and their knowledge or experience with how these loans work. In my opinion, there should always be an unbiased third party entity to thougholy explain the process, benefits and downfalls and to answer any questions before a consumer is able to consent or agree. This way, it ensures the consumer is fully informed.
I believe it is helpful but I also think there are are as well low-income. I worked for the Township trustee for 8 years and I think where I see a huge problem is with the payday loans. Some of our clients could never get caught up or pay their bills due those type of loans. I find it sad because I feel like are not regulated. They prey on the poor.
It must be helping people out. It's still available for an options. Why wouldn't they make you pay it back? Almost everyone has so type of debt. People need to be held responsible.
I don't think it is sufficient enough to stop the consumers from being prey to these types of loans. There is always someone out there that really and truly need help and they still don't understand the concept of interest rates and stuff like that. When certain people need help financtially and they find someone who will help them, they don't quit understand the concept of what you really have to pay back during the loan process, then it will become overwhelming for them to pay back everything,then they get behind even more,drowning in even more debt.
Many people have put bad info out there about no money down when buying a automobile. It is true you do not need money down but not in all cases. The dealership does not make money off your down payment. A bank may require that you do.
@EL SOL NEGRO So if the car is $20,000 but the loan value is $15,000 difference is going to have to come from somewhere in the bank is only gonna long so much over at 15
@@ajsavage9585 It's illegal under TILA 15 usc 1605 read (a) "Finance charge" Defined It's says The Sum Of All Charges. No money (cash) is not supposed to be transacted in finance charge. That's including down payment, and insurance.
Look up 15 usc 1605 (determination of finance charge) F.Y.I. down payments are illegal
I think TILA is sufficient. The act has many great factors. The act allows consumers to back out of loans in less than three days. It also make the bank or loan provider give full disclosure of the terms and agreements. When the bank or loan provider gives these disclosures it prevents things like changes in monthly payments.
I believe that whether or not it is sufficient to prevent consumers from being prey upon is dependent on individual consumers and their knowledge or experience with how these loans work. In my opinion, there should always be an unbiased third party entity to thougholy explain the process, benefits and downfalls and to answer any questions before a consumer is able to consent or agree. This way, it ensures the consumer is fully informed.
Yes I appreciate the fact the TILA main proposal was to inform the the consumer...Me😊
I believe it is helpful but I also think there are are as well low-income. I worked for the Township trustee for 8 years and I think where I see a huge problem is with the payday loans. Some of our clients could never get caught up or pay their bills due those type of loans. I find it sad because I feel like are not regulated. They prey on the poor.
Thank you. is the TILA similar to the 75 act in united kingdom?
Yes I believe so - are you from the UK?
How do i apply this to charges on a court case ?
No, the Speedycash still charges 180% interest and Cash One about the same.
It must be helping people out. It's still available for an options. Why wouldn't they make you pay it back? Almost everyone has so type of debt. People need to be held responsible.
I don't think it is sufficient enough to stop the consumers from being prey to these types of loans. There is always someone out there that really and truly need help and they still don't understand the concept of interest rates and stuff like that. When certain people need help financtially and they find someone who will help them, they don't quit understand the concept of what you really have to pay back during the loan process, then it will become overwhelming for them to pay back everything,then they get behind even more,drowning in even more debt.
yes! it has been helpful but still predators out there.
can you buy a car without down payment
Many people have put bad info out there about no money down when buying a automobile. It is true you do not need money down but not in all cases. The dealership does not make money off your down payment. A bank may require that you do.
@EL SOL NEGRO credit is also a factor
@EL SOL NEGRO For instants if you try to buy something In which the bank is only gonna loan so much oh you’re gonna have to pay the difference
@EL SOL NEGRO So if the car is $20,000 but the loan value is $15,000 difference is going to have to come from somewhere in the bank is only gonna long so much over at 15
@@ajsavage9585
It's illegal under TILA 15 usc 1605 read (a) "Finance charge" Defined
It's says The Sum Of All Charges. No money (cash) is not supposed to be transacted in finance charge. That's including down payment, and insurance.