{"ok":true,"canonical_url":"https://dealroom.so/glossary/truth-in-lending-act","api_url":"https://dealroom.so/api/public/glossary/truth-in-lending-act","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"truth-in-lending-act","term":"Truth in Lending Act","aka":"TILA","group":"People and paperwork","definition":"A federal law requiring lenders to disclose loan terms and costs clearly. This ensures you receive consistent, transparent information to compare loan offers.","what_it_means":"While primarily focused on consumer loans, TILA's principles of clear disclosure impact how commercial lenders present loan terms, even for SBA 7(a) loans. Ensure your lender provides a comprehensive breakdown of all costs, interest rates, and repayment schedules in an easily understandable format before you commit.","url":"https://dealroom.so/glossary/truth-in-lending-act","official_sources":[],"related":[{"slug":"annual-percentage-rate","term":"Annual Percentage Rate","url":"https://dealroom.so/glossary/annual-percentage-rate"},{"slug":"finance-charge","term":"Finance Charge","url":"https://dealroom.so/glossary/finance-charge"},{"slug":"total-cost-of-credit","term":"Total Cost of Credit","url":"https://dealroom.so/glossary/total-cost-of-credit"},{"slug":"commitment-letter","term":"Commitment Letter","url":"https://dealroom.so/glossary/commitment-letter"}],"related_questions":[{"question":"Can my personal savings account act as collateral for an SBA 7(a) loan?","url":"https://dealroom.so/sba-loans/basics/can-my-personal-savings-account-act-as-collateral-for-an-sba-7-a-loan"},{"question":"How does the SBA assess \"prudent lending standards\" in 7(a) loan underwriting?","url":"https://dealroom.so/for-lenders/questions/how-does-the-sba-assess-prudent-lending-standards-in-7-a-loan-underwriting"},{"question":"How does the 'not engaged in lending' rule apply to a loan applicant?","url":"https://dealroom.so/for-lenders/questions/how-does-the-not-engaged-in-lending-rule-apply-to-a-loan-applicant"},{"question":"What does 'prudent lending standards' mean in the context of SBA 7(a) loans?","url":"https://dealroom.so/for-lenders/questions/what-does-prudent-lending-standards-mean-in-the-context-of-sba-7-a-loans"},{"question":"How does the SBA typically value goodwill in a business acquisition for lending purposes?","url":"https://dealroom.so/sba-7a/questions/how-does-the-sba-typically-value-goodwill-in-a-business-acquisition-for-lending-purposes"},{"question":"How does a lender document adherence to prudent lending standards in the underwriting credit memo?","url":"https://dealroom.so/for-lenders/questions/how-does-a-lender-document-adherence-to-prudent-lending-standards-in-the-underwriting-cred"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Truth in Lending Act","url":"https://dealroom.so/glossary/truth-in-lending-act","source_type":"DealRoom Data"}}