Borrower’s rights and obligations

By signing a credit agreement, the consumer who borrows makes a commitment: they must meet their obligations, but they also enjoy rights, which are protected by European and national consumer credit regulations. Knowing them allows you to borrow in an informed way, from the simulation to the final repayment.

Your main rights

Be informed before you commit

Before the agreement is concluded, the lender must give you the essential information in a standardised European information sheet (SECCI): amount of credit, repayment period, borrowing rate, APR, amount of the monthly instalments, total cost, repayment terms and consequences of late payment. This sheet allows you to compare several offers on an identical basis.

Withdraw from the agreement

You have a period of 14 calendar days from the signing of the agreement to withdraw from it, without having to give a reason. You simply need to inform the lender in the manner provided for in the agreement, by post or by email for example, and repay the capital already used.

Repay early

You can repay all or part of your credit before its term at any time, which reduces the total cost of interest. The conditions applicable to early repayment are regulated by law and set out in your agreement.

Terminate a credit facility

A credit facility of open-ended duration can be terminated by the borrower at any time. If a balance remains due, it must be repaid within the period set out in the agreement.

Be protected against over-indebtedness

Before granting credit, the lender is required to assess your creditworthiness, in particular by consulting the individual credit register. If your financial situation appears too fragile, the credit may be refused: this is a protective measure. You can ask for your application to be reviewed again if new information justifies it.

Your main obligations

• Provide accurate and complete information about your income, your expenses and your family and financial situation. Any inaccurate statement may lead to the credit being refused or called into question.
• Repay on the agreed due dates. Any delay may give rise to late-payment interest and, in the event of persistent default, to registration with the individual credit register.
• Use the credit in accordance with the agreement, in particular where it finances a specific good or service.
• Inform the lender promptly of any significant change: loss of employment, prolonged illness, separation, moving house. An amicable solution, such as rescheduling, is often possible when you act early.

A disagreement with the lender?

You can first send a written complaint to the lender via the contact page. If the disagreement persists, an independent mediation service that is competent in financial services can be contacted free of charge.

This information consists of general reminders of the regulations. Only the terms of your agreement and the applicable law are authoritative.