Navigation path

Additional tools

Consumer credit you have rights!

IT'S YOUR RIGHT

to get clarity

Not sure whether a credit agreement is right for you?

A creditor must always provide key information in a standardised form called the Standard European Consumer Credit Information form. You have the right to receive this form from each credit provider to compare and choose the best offer for you before signing a credit agreement.

IT'S YOUR RIGHT

to change your mind

Did you know you have two weeks to revoke your credit?

You may withdraw from your credit contract within 14 days of signing and without having to justify your decision. You will have to pay back the amount borrowed, plus interest and any non-refundable charges paid already by the credit provider.

IT'S YOUR RIGHT

to pay back ahead of time

Are you able to pay off your credit earlier than foreseen?

Don’t forget that you have the possibility of early repayment of your debt at any time. The creditor may ask you for compensation for the lost income, but this compensation cannot exceed the total amount of interest the creditor has lost.

Use your credit rights

Are you planning to buy a smartphone, replace your old washing machine, or get a new car? You may be offered a consumer credit together with the contract to pay for your purchased item in multiple instalments. Before you sign, find out which important rights you have!

It is crucial to know that you have rights that protect you and guarantee you a way out, should you need it. Stand your ground and use your right to request key information on the terms and conditions of your contract in a standardised form from the credit provider. This will help you to clearly understand what you’re potentially signing up for and will allow you to compare offers. If you have already signed a credit agreement but start having second thoughts about it in the 14 days following signature, make use of the right to change your mind. If you are able to pay back your credit earlier than foreseen in the contract, you can do so by exercising the right to pay back your credit ahead of time. Consult the box below to learn about your credit rights in detail.

The information on these pages covers almost all types of consumer credit, from € 200 up to € 75,000. The pages do not cover credit:

  • secured by a mortgage;
  • concluded for the purchase of land or immovable property;
  • leasing or hiring agreements where there is no obligation to purchase;
  • granted free of interest, without other charges or in the form of an overdraft facility to be repaid within 1 month;
  • result of a judicial ruling;
  • linked to the deposit of an item as security of a debt and
  • linked to loans granted to a limited group of the public.

Your credit rights

The right to get clarity

Trying to find the credit offer that suits you best?

The day has come! After many hours spent researching and comparing offers for your new home appliance, electronic device or car you finally found the deal you were hoping for. If you decide to purchase your new product on credit, you can be equally selective in choosing your creditor. That means: comparing offers before taking any decision. Use your right to shop around for the best credit offer and ask each credit provider to give you key information in a clear, standardised format called the Standard European Consumer Credit Information form. Each credit provider is obliged to provide you with this information before signing the contract. So ask and compare offers before you sign! This form lets you easily compare important features of the credit agreement such as the cost of the credit, the Annual Percentage Rate of charge (APR), the number and frequency of payments, as well as important legal aspects.

The right to change your mind

Having a change of heart or other plans?

If you're having second thoughts about the credit agreement you have signed or realise that you will not need to take out credit after all, don't forget that you can withdraw from the agreement within 14 calendar days following signature. You can do so without having to provide the credit provider with an explanation, but you will have to pay back the money you borrowed plus interest and any non-refundable charges already paid by the credit provider.

The right to pay back ahead of time

Want to pay off your credit early?

Imagine your job promotion came and you could now pay off your credit much faster than what was foreseen when you signed your credit contract. You have the right to repay your credit earlier than indicated in your contract. Be aware that you may have to compensate the credit provider for their lost income but that the compensation you pay can’t exceed the total amount of interest actually lost.