The credit agreement or loan agreement forms the legal basis for a credit or a loan.

In this above all the following details are regulated:

• Debtor and creditor
• Amount of credit
• Running time and repayment modalities
• Credit interests, possible Disagio and handling charges
• Provision of security of the credit

Expiration of the contract is with timing, repayment or notice of the credit.

Consumer loan agreement

A consumer loan agreement is a entgeltlicher loan agreement between an entrepreneur as a money lender and a consumer as the borrower. To the present Treaty the regulations "§"§ of the 491 FF apply. BGB. It is

• the net loan amount does not amount to any more than 200 euro or
• the loan granted by the employer because of the employee to interest, those under the usual market sentences are or
• the loan will be locked directly in the context of the promotion of the housing and the town construction due to public authorizations or due to of allowances from public households between the public institute assigning the conveyances and the borrower to interest rates, which are under the usual market sentences.

Consumer loan agreements are to be locked ''' in writing '''. The conclusion of the contract in electronic form is impossible. The loan agreement must contain the following data:

• the net loan amount, if necessary the maximum limit of the loan,
• the total amount of all from the borrower to the repayment of the loan as well as for the payment of the interest and other costs to paying partial payments,
• the way of the repayment of the loan or, if an agreement is concerning this intended, the regulation of the contract completion,
• the interest rate and all other costs of the loan, including any switching costs basic from the borrower to,
• the annual percentage rate or, if a change of the interest rate or other price-determining factors is reserved, the initial annual percentage rate,
• the costs balance of debt or other insurance, which is locked in connection with the consumer loan agreement,
• collateral which can be ordered.

A right of revocation is entitled to the borrower after "§ 355 BGB with a consumer loan agreement.

Articles in category "Credit agreement"

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