Can I withdraw from the loan agreement?


The conclusion of a cash loan agreement allows you to establish a certain relationship between the lender and the borrower. Nevertheless, the borrower has the right to withdraw from the loan agreement without giving any reason and without incurring any consequences in this respect, but only then when an appropriate statement is sent to the lender within 14 days of signing the contract.

The lender or lender may provide for a longer period of time during which the withdrawal from the contract will be made without legal and financial consequences for the client. So if after deeper consideration and consultation with the family, the client finds that the decision to take out the loan was too hasty, he can actually terminate the contract without incurring additional costs.

Consumer rights

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The right to withdraw from the loan agreement or the loan was included in the provisions of the Act of May 12, 2011 on consumer credit. Chapter 5 of this Act sets out the conditions for withdrawal from the contract by the consumer. Article 53 describes that:

The consumer has the right, without giving a reason, to withdraw from the consumer credit agreement within 14 days from the date of the contract.

If the consumer credit agreement does not contain the elements specified in art. 30, the consumer may withdraw from the consumer credit agreement within 14 days of delivery of all the elements listed in art. 30. “

Both when taking a bank loan and online payday loans

Both when taking a bank <a href=loan and online payday loans” />

The consumer has the same right to withdraw from the loan contract within 14 days of its conclusion. To this end, it is sufficient to provide the creditor or lender with an appropriate statement, a specimen of which should be attached to the loan documents at the time the commitment is made.

is important that the statement does not need to indicate the reasons for withdrawing from the payday pay agreement. Such a declaration may be made directly at the premises of the lender, lender or credit intermediary or send documents by post.

To comply with the 14-day withdrawal period set out in the Consumer Credit Act, the customer only needs to send a statement before its expiry, and the date on the postmark is what counts.

Customer costs

Customer costs

Withdrawal from the loan agreement does not require the customer to pay any additional fees . However, his duty is to return the amount of the quick loan or credit paid. The customer has it 30 days from the date of submitting the statement of withdrawal from the contract.

He does not have to hurry with the return, but if he holds the money of the bank or lending company for a maximum period of one month he must be aware that the lender or lender will accrue interest

The bank is obliged to return the costs charged to the client, except for fees charged to public administration bodies and notary fees.