Understanding Your Right to Rescind a Closed-End Credit Loan

When it comes to consumer rights, especially regarding financial commitments like closed-end credit loans, many people sometimes feel a bit lost in the shuffle of legal jargon and financial terms. But, did you know that under the Truth in Lending Act (TILA), you have a solid window of opportunity to rethink that loan you’re about to sign? Yep, that's right! You have until midnight on the third business day after signing the lending agreement to change your mind. Let's break down what that means, shall we?