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If you are considering taking out a short-term consumer loan, it should take 48 hours from you receive the loan offer until you can accept it and get the loan paid off.
What types of loans are covered by the reporting period?
The period of reflection does not apply to all types of consumer loans. It is a prerequisite:
- that no security should be provided
- that there is no requirement that you purchase a product or service in connection with the loan application
- that the loan is not granted by a financial institution
- Furthermore, it is a condition that maturity is a maximum of three months.
Here’s how it goes
If you want to take out a loan of this type, you must first apply for the loan it typically takes place online. Thereafter will receive an offer from the loan provider. The loan can only be paid out 48 hours after you received the offer, and you must contact the loan provider again to accept the loan and have it paid off.
Why a reflection time?
The type of loan here, where no collateral is required, is a short-term loan, often only one month. This can mean that many are tempted to quickly get more money between their hands.
However, experience shows that a large proportion of these loans are not repaid on time and then it can be very expensive. Small loans can also become a costly acquaintance. Many loans are eventually sent to debt collection with additional costs.
Reflection time should make the consumer reconsider the loan and perhaps find a cheaper solution if it has a problem with the repayment.
You have the option to cancel your consumer loan. See what you need to do if you want to use your right of cancellation and read about what information you need to have about the loan.
Consumer loan information
You are required to obtain a number of information from the loan provider before entering into a credit agreement.
The information should allow you to compare the loan with the loan offerings of other providers so that you can consider what might be best for you.