Final answer:
Installment loan lenders disclose the interest rate, monthly payment, and loan purpose to credit applicants.
Step-by-step explanation:
When applying for an installment loan, lenders disclose several important details to credit applicants. These include:
- Interest Rate: The interest rate is the cost of borrowing the funds and is expressed as a percentage of the loan amount.
- Monthly Payment: This is the amount the borrower is expected to pay each month towards the loan.
- Loan Purpose: The lender may ask for the purpose of the loan to assess whether it aligns with their lending criteria.
Account number is typically not disclosed during the application process but can be assigned to the borrower after the loan is approved and finalized.