About the terms and conditions of loans

The terms and conditions of a money loan establish the rules for returning the loan as well as several other contract parameters. It is very important, before starting the application for a loan or credit, to read carefully the terms and conditions that should appear on the website of the lender.

That is, each trusted lender should submit a section with its terms and conditions that highlights both the company’s responsibility, and everything that is expected of you as a borrower if your fast loan application is accepted.

Finding the section with the terms and conditions on the lender’s website should be very easy.

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Look at the bottom of the page, since most of this information is there. However, the sections of the terms and conditions usually include complicated formulations, as well as various technicalities, so it can be too difficult not to get lost and understand everything well.

Although the content of this section may vary in form, it should at least include:

  • The full identification of the lender should be one of the first parts of the terms and conditions. Address, Tax Identification Number (NIF), current contacts, etc. The terms used are also explained below, such as “loan”, “lender”, “borrower”, in order to clarify the content and expedite the reading of the document by the client.
  • Information on the legislation, the applicable laws and the jurisdiction corresponding to the type of loan or specific credit regarding the application and availability of the general conditions.

The right to withdraw without penalty of the newly hired loan or credit.

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  • Information on the requirements of the loan application, indicating all the data and documents that you must enter when applying for the loan or credit. In this section you must specify all the requirements that you must meet so that you can apply for the loan. For example, minimum and maximum age, Spanish residence, purpose, guarantees and guarantees, availability with ASNEF, without payroll, etc.
  • The conditions of loan repayment. That is, the repayment periods, the calculation of the established amounts, the interest rate (TIN) and the Annual Equivalent Rate (APR), the availability and conditions of early amortization or extensions. Very important is also to consult the information on the consequences and penalties for non-payment and default.

Information on the protection of customer data.

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In this section, the lender should inform you about your personal data protection policy and guarantee to protect your date from the first moment you enter it.

As we have mentioned before, the form and content may vary, as well as the number and order of the sections. Therefore, before signing a contract, always consult the terms and conditions offered. Do it very carefully, also looking at those sections in “small print”. You must understand perfectly with what you agree by signing the contract. Do not forget that the violation of the contracted conditions can bring you serious problems in the future.