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:
This interactive course allows borrowers to create monthly budgets to gauge their ability to repay a loan, and helps them compare different loan options.Download Now
Detailing factors potential borrowers should consider when assessing loans, the Understanding Your Credit Risk course stresses the importance of gauging the risks of various loan products.
This course identifies major payment protection insurance options and answers common questions about these products-like whether protection is required to secure a loan and when borrowers cancel coverage.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
When comparing loans of similar size and duration, Annual Percentage Rate-or 'APR'-can prove to be a useful tool. Conversely, APR provides no assistance when comparing different types of loans.
Under the Truth in Lending Act (TILA), lenders are required to provide in writing a loan's: