Personal Loans 101 is a financial literacy initiative intended to inform and educate consumers about small dollar loans and credit insurance. Personal Loans 101 makes information available that empowers consumers with financial life skills and better positions individuals and families to make well-educated financial decisions.
Understanding Personal Loans, takes potential borrowers through a process of self-assessment by asking a series of questions:
The brochure provides worksheets that allow borrowers to create monthly budgets to gauge their ability to repay a loan, and compare different loans.Download Now
Understanding Your Credit Risk stresses the importance of understanding the risk in differing loans products. Understanding Your Credit Risk details a number of factors that potential borrowers should consider when assessing the risk of a particular type of loan:
The brochure identifies the major types of payment protection insurance, and answers some important questions about the products. The brochure emphasizes that payment protection insurance is not required to get a loan and that borrowers can cancel the insurance at any time.Download Now
Understanding Small Dollar Loans compares and contrasts installment loans with payday, pawn, and car title loans. A chart summarizes the differences between these different products.Download Now
The brochure explains that APR, or Annual Percentage Rate, is one factor that can be helpful in comparing loans of similar size and duration, but is not helpful when comparing different types of loans.
Under the Truth in Lending Act (TILA), lenders are required to provide, in writing, the loan's: