Cost of consumer credit
When you borrow money to buy something, you are paying for the privilege of using somebody else’s money. A lender covers some of their costs by charging interest and administrative fees to arrange for a loan.
As a result of these interest charges and administrative fees, not all loans are equal. The law ensures that lenders disclose all borrowing costs and terms of lending to the consumer. This allows you to be able to compare loans.
Read the Business Practices and Consumer Protection Act Part 5.
Read the Disclosure of the Cost of Consumer Credit Regulation
Read our consumer tips:
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- Were you signed up for a credit card without being fully aware of it? Here are your rights