Each of us has the right to withdraw from a short-term loan for any reason. This is guaranteed by the consumer credit act. However, in order not to suffer any consequences, you need to meet some basic conditions.
For no reason
Withdrawal from the loan agreement is voluntary and requires the borrower to explain himself for the reasons for such a decision. The representative of the loan company has no right to ask us to give reasons for resigning from its services.
We have 14 days from the date of its conclusion to withdraw from the loan agreement without any financial consequences. This applies to both contracts concluded directly in the stationary branch of a loan company, a contract concluded with a representative in his own home, through a financial intermediary, as well as taking out a loan online.
The 14-day period is usually calculated from the moment the money is credited to the client’s personal account or from the date on the signed contract.
A model statement of withdrawal from a loan agreement should be included in the documents as one of the annexes to the agreement. Not including such an application in the documents is a big mistake and oversight of the lender. However, if this happens, the customer can prepare such a document.
It is important in your own application that it is properly titled. The heading should read – «Withdrawal from the contract» or «Withdrawal form.» The application for withdrawal from the contract should include the data of the lending company and the borrower and the provision – «In accordance with Chapter 5 of the Act of 12 May 2011 on consumer credit (Journal of Laws 126, item 715) and point» Loan Agreements hereby inform about my withdrawal from this Loan Agreement No».
The next part of the application should include the date of conclusion of the contract, the date of receipt of money in the personal bank account, as well as the amount of the loan and additional fees related to the financial liability arising from the contract. Such an application should be sent to the lender by e-mail, fax or post. In the latter form, the date of the postmark is what counts, not the day the letter is delivered to the loan company.
Of course, when withdrawing from the loan agreement, we must return all borrowed cash. After completing the formalities related to the preparation and sending the appropriate application, we have 30 days from the moment of submitting the statement of withdrawal from the loan agreement.
Usually, resigning from the loan service costs nothing, but the company granting such an obligation may charge the customer interest for the period from the date of obtaining the loan until its return.