The withdrawal of a loan is the right that has its beneficiary to renounce it, once it has been granted. The regulation that regulates it in Spain is Law 16/2011, of June 24, which refers to consumer loans. All consumers have this right, which is also subject to certain restrictions or obligations to be able to exercise it.
The beneficiaries of traditional loans or online loans can cancel the contract without having to indicate the reasons and without receiving any penalty. Of course, they have 14 calendar days from the moment the documentation is signed.
Once that period has elapsed, the consumer loses his right to desist . Therefore, it is essential to carry out the operation within the period stipulated by law and send the necessary documentation to execute its expiration during this time. The lender can submit the application in paper or digital format, but needs to prove the acknowledgment of receipt or signed seal of the entity to show that it has complied in a timely manner.
The right to withdraw from a loan contract also has its financial cost , which the beneficiary must assume. You can not be penalized with additional commissions, even cancellation fees, if any, but you must reimburse the money you have received, plus the interest generated since it was granted until you make the return.
For example, if the contract of a credit is signed on February 15, but the client regrets and wants to resign, he will have to pay interest from February 15 until the day the return is effective. Therefore, given that there are only 14 calendar days to cancel the operation and you have to pay for each day that has elapsed, it is better to speed up the procedures.
The consumer has 30 calendar days to reimburse the money he has received, from the moment he sends the documentation for the withdrawal of a loan. If you comply with the legislation in force, the lender can not charge you any other type of commission or compensation.
There is another factor to consider. If the client has contracted any other product linked to the loan from which he has withdrawn, at the time he exercises his right and cancels the transaction, he also dissociates himself from the service provided by a third party. For example, if a loan is requested and a life insurance is contracted, the consumer who gives up is not obliged to maintain that insurance or any other service that has been contracted jointly, in the same operation.
If the 14 calendar days have elapsed since the contract was signed, the consumer can not exercise his right of withdrawal of a loan . The only way you can cancel the loan is by requesting an early repayment. In this case, the finance company decides whether or not it is granted, depending on the agreed conditions and the established penalties.
Some entities contemplate the amortization of total or partial capital without any penalty, while others impose commissions for cancellation or early return. They have the right to impose such conditions, if the established legal deadline elapses.
In the case of online loans , exactly the same thing happens. The financier who lends the money must offer the beneficiary the documentation and the procedure to exercise his right to the withdrawal of a loan .
When requesting credits online , it is very important that the consumer is informed with confidence about the conditions offered by the company or the financial company. Digital banking is the order of the day, but do not be influenced by certain ads that appear on the network and may confuse.
In the Gandalf portal, only financial institutions and online banks appear that are authorized to market financial products. Legal, serious and responsible organizations that respond to the rights of citizens and offer completely transparent information.
Moreover, in our loan comparison the entities are obliged to provide all the information to the applicant. In this way, the consumer knows the interests and costs of each financial product before contracting it.
This is how the regulations governing consumer loans are fulfilled, Law 16/2011, of June 24, which incorporated a series of obligations for financial institutions. From that moment on, any company that sells banking products or lends money is obliged to inform transparently to potential customers and assist them during the contracting of their products, including the right of withdrawal.
In this sense, it is also obliged to evaluate the solvency of the bank, the penalties it imposes or the undue charges. Interest rates are limited to avoid usury, in addition to regulating the activity of intermediaries and also related services or products. Financial companies are also obliged to present the calculation of the Annual Equivalent Rate (APR) of the loans they offer and the total cost to the consumer of each operation.
Therefore, the borrowers are obliged to provide the documentation to their client, so that they can exercise all their rights within the established legal term. In the same way, they must also present all the information in a transparent manner so that the beneficiary knows the conditions and can decide whether to continue with the operation or not, before signing the contract.
Now, it is the responsibility of consumers to sign contracts with companies that do not comply with current legislation and do not prove their ability to market financial products. The client can always file a claim if their interests are damaged.
In our credit comparison you can check the differences between the different companies that offer these services, who are obliged to provide all the necessary documentation, so that their clients exercise their right to the withdrawal of the loan .