Are you a borrower? | Loans and finances

Are you a “happy” owner of a cash loan or are you planning to incur a bank liability in the near future? As a bank customer or prospective denies borrower, we always have to adapt to the good will of lenders. What knowledge should we have as not to be overcome by the various tricks of credit agreements? It is well known that getting a loan nowadays is easy and almost pleasant. Within a few moments we gain the funds needed to finance our needs. The smile on our face disappears when we learn about additional fees and costs that we will incur in connection with the loan.

Before signing the loan agreement

Before signing the loan agreement

That is why it is worth familiarizing yourself with the Consumer Credit Act before signing the loan agreement, it will bring us closer to our rights and obligations towards the lender. One of the basic elements of the loan agreement is the possibility of withdrawing from it within 10 days, not later than 3 months from the date of its signing.

This right may be exercised by persons who, in this terminus, provide to the address indicated by the creditor a relevant statement of withdrawal from the contract. We should receive such a statement from the bank. What happens when the money has already been paid out? In such a situation, the borrower is obliged to refund the entire amount. The effect of withdrawal from the loan agreement is undoubtedly the fact that it is considered void.

Costs in connection with the loan

Costs in connection with the loan

The customer to refund and the bank to refund the borrower’s costs in connection with the loan. The costs reimbursed by the lender do not include preparation fees and the costs necessary to establish collateral.

The borrower is also entitled to early repayment of the loan. In such a situation, the bank may not demand additional fees from it. Pursuant to the provisions of the Consumer Credit Act, the borrower should inform the creditor about the intention of early repayment at least 3 days before making it.

Not being fully aware of our rights

Not being fully aware of our rights

we are often afraid of additional contact with the lender. We prefer to come to terms with some things just to avoid having to talk. As you can see, we should not be afraid because, as you know, ignorance of the law does not release us from the obligation to comply with it.

Tags: bank customer, consumer loan, borrower, lender, ignorance of the law, withdrawal from the contract, additional fees, preparation fees, bank commitment, reimbursement


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