A credit contract can be withdrawn within 14 days
You may withdraw a contract on consumer credit within 14 days of concluding it, or receiving the credit contract in writing or electronically if this happened later. If the contract was sent to you later, the wihdrawal period begins from the day on which you receive the contract.
Inform the lender of the withdrawal of the credit contract in writing or in some other permanent form, for example by e-mail. You do not need to give a reason for the withdrawal.
The lender may have the right to claim compensation
The lender may claim compensation for the withdrawal if the borrower was informed about the compensation before the contract was concluded and it is mentioned in the contract. The compensation is usually the amount of interest on the credit for the time during which the credit was available to you.
If the credit is taken out through distant selling (by e-mail, telephone or other means of communication), the lender’s right to compensation depends on such factors as the loan amount:
- if the loan amount is between EUR 200 and EUR 75,000, the lender has the right to claim interest on the loan for the period during which the loan was available to you.
- if the loan amount is less than EUR 200 or more than EUR 75,000, the lender has the right to claim the annual percentage rate of interest for the time during which the loan was available to you.
The money must be returned to the lender as soon as possible
The money must be returned to the lender’s account without delay, and at the latest 30 days after you informed the lender of the withdrawal. If you do not return the money within 30 days after wihdrawing the contract, the withdrawal is no longer valid and the original contract enters into force.