Glossary - T

The conditions of an agreement between a financial institution and consumer. Membership, deposit, and loan agreements contain terms. When discussing loan terms, it includes the period of time a borrower has to repay a loan, and the interest rate the borrower agrees to pay the lender.

A Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, financial institutions must provide information on:

• what credit will cost the borrower,
• when charges will be imposed, and
• what the borrower's rights are as a consumer.