The money you need and the rights that protect you.
When you take out a consumer credit, remember that legislation exists in the EU to protect you before signing the contract and enabling you to withdraw if necessary.
If you decide to apply for credit to purchase a product, compare the offers before you make your decision. Before signing a contract, the credit provider must give you a document called Standard European Consumer Credit Information. This contains the best possible analysis of the terms and conditions of the contract that you are considering. The document includes:
This will allow you to compare the offers from different credit providers and select the most suitable for you. If the credit provider does not give you this document, you may ask for it.
If you have any doubts about the contract which you have signed or if you realise after signing that you no longer need the loan, you may terminate the contract within 14 calendar days from the date of signing. You are not required to offer any explication, but you will have to return the money loaned, plus the interest and all non-reimbursable commissions that the credit provider has already paid.
If you wish to repay your loan before the date stipulated in the contract, you are entitled to do so. But you must know that it is possible that you will have to pay compensation to the loan provider for their loss in income. In any case, the compensation may not be greater than the total amount of the interests that have been paid.
These regulations apply to consumer credits from 200 Euros to 75,000 Euros, except for loans:
If you wish to take out credit or a loan in another EU country, remember that banks may be reluctant to offer loans to residents of other countries or even to award loans to residents of the same country but who work in another EU country.
Although the banks are free to place these types of limits on the loans they offer, they must abide by the general principle of non-discrimination on the grounds of nationality and, therefore, they may not discriminate against EU citizens on the grounds of their nationality.
If you consider that a bank has engaged in discrimination against you, you may:
European legislation
Spanish legislation. Laws