Usually we go to the bank to set up a bank account, settle some formalities, or conclude a loan agreement. The latter option is usually the most thought-out decision from which we rarely withdraw. But sometimes it happens that we want to give up credit . Then you should know what procedures await us and what you need to do to cancel your loan and whether it costs anything at all.
Consumer loan agreement – here we can cancel within 14 days
If we are talking about consumer credit, then we must remember that such a commitment may not exceed $ 255,000. A bank customer who has a loan has the right to cancel the loan agreement within 2 weeks. In addition, you must remember that after you cancel your loan, we have 30 days to return your money to the bank.
How can we withdraw from the loan?
A credit cancellation form is attached to each loan agreement. You only need to review the documents attached with the contract. It is worth remembering that the bank’s customer is not obliged to state the reason for resigning from the loan. Up to 14 days can cancel the loan without consequences.
How much does it cost to cancel?
The procedure of resigning from a bank loan does not entail any additional costs or legal consequences. We only have to pay interest for the period for which the money was on our account. In addition, we must remember that we have 30 days to return the money borrowed.
If we do not return them on time and we give up the loan, the bank will start charging us penalty interest or for payment of a payment request.
Mortgage and withdrawal from the contract
Unfortunately, it is not as easy here as for a consumer or cash loan. We cannot use the withdrawal for loans taken out for the purchase of an apartment or for loans taken out against real estate. The same applies to employee loans or leasing contracts.
Both of these types of loans are granted on special terms, so it is not a simple procedure to cancel such a contract. However, you can opt out of a housing loan. The borrower may terminate such a contract without giving any reason for his decision. The cost of resigning from a mortgage is interest plus all fees accrued until you use the loan.