The Consumer loan Law , 16/2011 of June 24, regulates the contracts of personal loans , except those that are destined to the acquisition of dwellings or buildable land, that is to say, the mortgage loans , and the loans of an amount less than 200 euros.
When we apply for a consumer loan , according to the Consumer loan Law , the Financial Entity must send us all the relevant information about the product that we hire, through a form that perfectly understands the loan conditions we are going to acquire , formally known as INE , European standardized information.
In said document it will be specified:
- In the first place, the total amount that we will have to pay for the consumer loan, as well as the period of time in which I will have to repay that amount or the monthly installments of the consumer loan.
- Secondly, the fees that the Entity will charge you must be specified.
- Third, the interest rate and the equivalent annual rate.
- Fourth, the need to have an insurance that guarantees the amortization of the consumer loan must be detailed .
- Finally, we must not forget to detail the consequences in case of not making the payment of the online consumption loan.
The Consumer loan Law guarantees a series of rights to the client who hires consumer loan . These rights are, the right to early repayment , the right to receive a binding offer and, of course, the right of withdrawal , that is, to waive consumer loan.
On the other hand, I must say, that the Consumer loan Law does not establish limits on the interest rate of loans and loans, so it would be incorrect to say that personal loans have a limit interest rate that can not be exceeded.
Therefore, knowing the conditions offered by the Consumer loan Law , if you are willing to apply for an online consumer loan, the online comparator of financial products present in the country, offers you a list of mini – loans and personal loans so that choose the one that best suits you, your economic needs and financial situation.