Do you take an on-line loan? Read the contract at home!

Bierzesz pożyczkę on-line? Przeczytaj umowę w domu!

We can now get a loan even without leaving home – we will do everything online. However, we must remember to always read the contract and other documents before signing.

One of the sins of many borrowers is the failure to read the contract and other documents attached to it. When we sign a contract without getting acquainted with its provisions, then we agree to those conditions that were included in it. This can cause serious problems when the lender turns out to apply the records we did not know about, for example, he charges us.

Internet loans have been designed so that you can borrow money without leaving your home – all formalities can be done on-line. During the process of applying for a loan, we should also read the regulations, fee tables and the contract. We can do it on the computer.

How to read a loan agreement?

How to read a loan agreement?

The loan agreement may be deterred by its length, small letters and complicated financial terminology. This does not mean, however, that we should give up reading it.

When we want to borrow money via the Internet, we often find the contract template on the website and we can check it even before submitting the application. Of course, we should always read the agreement we receive in our name – not all data on the pages are up to date.

We should read the loan agreement from cover to cover. Usually, it will take about 15-20 minutes. In addition, when the contract refers to attachments, we should also read them.

During reading, we should pay special attention to several issues, namely:

• general loan costs

• amount of individual installments

• repayment date of the entire loan and individual installments

• loan repayment method

• the consequences of delays in repayment

However, if we do not understand individual provisions in the loan agreement or additional documents, we should consult another person who has more experience in this. It can be someone from your family, friends, we can also ask on financial forums.

The big advantage of online loans is that we can get acquainted with the contract in your home – there is no pressure to sign the contract right away, as in the case of loans granted on a fixed basis.

You have the option to withdraw from the loan agreement

Conclusion of an installment loan or payday loan does not mean that after signing we no longer have any possibilities to “unscrew” the case. We have the option to withdraw from the contract within 14 days of signing. We must, of course, give back the money, but we do not bear the same costs, including all interest and commission. However, we will not receive a refund of the so-called preparation fee. We must also remember that every day of using the loan means deducting part of the interest rate.

You can find detailed information about withdrawing from the loan agreement in the contract. The bank or loan company provides the client with the application with an application, which can be used to return the loan within 14 days.