© Fotografías Amador Toril

Types Of Consumer Credit Agreements


Key characteristics of credit – presentation of credit characteristics, specifying that suppliers of goods or services that act as ancillary credit intermediaries are not subject to pre-contract disclosure obligations. As soon as the right of withdrawal is exercised, the client must pay the principal and interest payable from the date of the assumption of the credit to the date of repayment of the principal calculated on the basis of the notional rate of the agreement within 30 days. Other aspects – the determination of the validity of the conditions of the granting of credit by the institution contained in the SIS and the description of other rights of the client, namely the withdrawal of the loan within 14 days and the obtaining, among other things, a copy of the agreement. The termination of the contract means that the credit contract is automatically terminated and has never existed. (2) Mention of another right to terminate the credit contract, either by law or in some other way, if necessary with details. In the event of a prepayment, the consumer may be obliged to pay the lender`s compensation, provided you can contact the Agency or agencies to obtain a copy of your credit file, which they must provide for 2 DOLLARS. If the lender itself cedes its rights to a third party under the agreement or agreement, the consumer is entitled to impose on the assignee any defences he could have made against the original lender, including a right to compensation if it is provided for by the contract and authorized by law. in a case that is not covered by points (a), (b) or (c), either a statement indicating how the credit limit is set and the lender sends the debtor the message of dissemination on the subject, or a statement indicating that there is no credit limit. No compensation is due if the repayment was made as part of an insurance contract for the provision of a credit repayment guarantee or in the case of overdraft facilities, or if the repayment is during a period during which the interest rate is not set. In case of open or revolving credit, credits are granted continuously when you purchase items and you are billed regularly to make at least one partial payment.

Examples of open loans include using a credit card issued by a store, a bank card such as VISA or MasterCard, or overdraft protection. A limited-use credit contract to finance the purchase of real estate is a credit contract between a lender (the lender) and a consumer through which the creditor grants or agrees to grant the consumer credit in the form of a deferred payment, loan or similar financial housing.


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