Is the loan agreement time-barred at all possible?
When applying for a loan – regardless of whether in the office or online – an agreement is always concluded between the borrower, i.e. a person who needs additional money, and the lender – the entity that grants the loan. Can the loan agreement become invalid or expire? We answer this question below.
Limitation period – when can it occur?
Expiration of the contract means that the lender cannot recover the obligation, which clearly means that the borrower has no further obligation to pay the obligation.
When entering into a loan agreement online, the limitation period is 3 years from the date on which the loan should be repaid (and not from the conclusion of the contract!). In the case of installment loans, the limitation period is calculated separately for each installment.
What if the borrower does not repay the loan?
When loan installments are not repaid, the lender can apply for interest and interest for up to several years with the help of a bailiff. This, in turn, may mean additional costs for the borrower related to bailiff proceedings. In addition, overdue debt is recorded in KRD and BIK.
Can the loan agreement be invalid?
If the contract is not concluded in accordance with the law, it may be invalid. Whether it is a contract signed online or in writing, it is important that it is lawful. Determining whether a contract is invalid requires consulting a lawyer. By reading the loan agreement carefully, we minimize the risk of making a mistake and signing a contract, which brings us to huge financial liability.
At what time can I withdraw from the loan agreement?
If we take out a loan but resign after it, we have the right to withdraw from the loan agreement within 14 days. This is the period during which no additional costs are charged for cancellation. Withdrawal from the contract must be made in writing and reach the lender within 14 days.
What to do to avoid such situations?
If you do not want to get into financial problems connected with concluding a loan agreement, it is worth reading all the terms and agreements even several times. Thanks to this, nothing will escape your attention and you will conclude the contract in a conscious and thoughtful way. Always check whether you can afford the monthly installment payment and also the interest payment. Pay attention to the amount of APRC and commission, as well as repayment time. Make sure three times before you decide to sign your contract.