What you need to check before and when signing a consumer credit online
- Check that the website which offers loans provides the trader`s name, geographical and email addresses.
- When you look for information on web pages advertising loan offers, the creditor has to use a representative example of a loan to illustrate the cost related to the sort of credit you are interested in. This has also to include the Annual Percentage Rate of charge (APR) which represents what the credit will cost every year on average. With this single figure (APR), whose definition is standardised all across the EU, you can compare various offers much easier and with confidence.
- When contacting the creditor to get more information, check if you are provided with "pre-contractual information" in a standardised format
More details on how this information should look like .
- Make sure that you receive comprehensive information in the credit contract itself about the contract terms and get a copy sent to your address by normal mail. The contract shall be drawn up on paper or on another durable medium.
- Be aware that you as a consumer have 14 calendar days to withdraw without any explanation from a credit agreement that you have signed.
- In case of problems relating to any of the above points with a creditor that is located in another Member State you can report it to your local European Consumer Centre. In other cases, you can turn to your local consumer organisation.