How to withdraw from a bank loan agreement?

Incurring credit obligations should be supported by an accurate reassessment of your situation and repayment options. The decision to take a cash or consolidation loan will affect us over the next few years. We cannot allow ill-considered funding to weigh on us for such a long period.

There are times when decisions about taking a loan are made under the influence of the moment or even the pressure of a bank employee. We sign an expensive loan agreement and only after a few days we find it too expensive that the competition offers much cheaper loans. What to do in that case? How to unscrew a loan we have already signed? We often hear these questions, so we invite you to read the entry

Consumer loan, withdrawal from the bank loan agreement

Consumer loan, withdrawal from the bank loan agreement

Banks are institutions very precisely regulated by legal acts. Thanks to this, the basis for withdrawing from a loan agreement can easily be found by everyone in public sources. The legal act that regulates the issue we are discussing is the Consumer Credit Act. (Journal of Laws 2019.0.1083 i.e. – Act of 12 May 2011 on consumer credit)

Consumer Credit Act, what does it mean?

Article 53 of this Act responds to all doubts raised by us

“1. The consumer has the right, without giving any reason, to withdraw from the consumer credit agreement within 14 days of the date of the contract. “

The article immediately tells us in what maximum time the person who obtained the loan can resign from it. In addition, it should be remembered that the date is determined by the date the document was sent, not delivered.

“3. At the conclusion of the contract, the creditor or credit intermediary is required to provide the consumer, on a durable medium, with a specimen declaration of withdrawal from the contract, indicating his name, surname (name) and address of residence (registered office). 

Why do we need a model withdrawal from a loan agreement?

Why do we need a model withdrawal from a loan agreement?

Every time we sign a loan agreement, whether it is with a bank adviser, broker or even online, we must receive a model withdrawal. The person who grants us the loan is obliged to inform us about the possibility of such resignation from the credit agreement we have signed. Withdrawal from the loan agreement within 14 days of its launch requires a special print. That is why the model withdrawal statement is so important.

The withdrawal also applies to other loans, such as mortgage or consolidation. It is slightly more difficult in the case of consolidation loans. When we close several of our liabilities, during these 14 days banks can already distribute the funds by counting them as closed loans. Then it is necessary to talk to the bank to withdraw the closed loans and return the funds.

Loan for pensioners, how to get a bank loan?

 

A person who receives a pension is not in the best income situation. The low amount, usually granted for a limited period, is not well perceived by banks. How do you get the largest amount of credit , paid for as long as possible? We invite you to read about lending to pensioners.

Lending to pensioners by banks

Lending to pensioners by banks

Seniors are a large group of borrowers. Despite the poor perception, banks have relatively high confidence in them, because the repayment of loans by older people is definitely better than by younger years. The amount of social pension in 2019 is around USD 1063. Such remuneration taken into account by banks will not cause high creditworthiness , but pensioners can get up to USD 30,000 in bank credit. An installment spread over 10 years will result in convenient repayment possibilities.

Purpose of loans obtained by pensioners

Purpose of loans obtained by pensioners

Contrary to appearances, the most common purpose of crediting pensioners is not medicine or ongoing fees. Relatively the most common reason for applying for a loan from people on a disability pension is to help the family. Indebtedness to renovate an apartment or house is also popular. Cash loans provided by the bank have no specific purpose. The borrower can use the obtained loan for any desired purpose.

Which banks lend to pensioners?

Which banks lend to pensioners?

Most banks have loans for pensioners. The most important is achieving the minimum income required by the bank. Income minima start at the level of 600-700 dollars, end up at 1.2 thousand dollars. The overwhelming majority of banks accept revenues of around USD 1,000.

An additional factor when crediting pensioners is the borrower’s age . It is worth remembering the available maximum age of the person applying for a loan in a given bank. Banks usually specify the maximum age that falls on the borrower’s last repayment installment.

The last no less important factor is the period for which the pension was granted . Some banks will be able to offer a loan for the duration of the annuity, others after demonstrating the continuity of the annuity, its renewal will be able to grant loans for up to 10 years.

Pension credit to the pensioner and credit history

Pension credit to the pensioner and credit history

Obtaining a bank loan for a survivor will certainly be easier if the borrower already has a credit history . Each timely regulated installment improves history, hence banks will be willing to borrow more money on better terms.

It is definitely better to apply for a loan from banking institutions. Loan companies are very happy to give loans to pensioners, but later pensioners have big problems with paying them back. It is recommended to ask an experienced credit broker for help. A professional credit broker will definitely help us get the cheapest available loan solution.