The advent of the internet has upset the codes. Some actions, still unimaginable yesterday, are now part of our daily lives. The Internet has also helped modernize the world of credit. Explanations.
This may surprise you, but yes, it is now possible to conclude a credit by phone, SMS or internet. The way in which a personal loan, car loan or other work loan is entered into has no practical effect on the existence and content of the credit institution’s information, investigation and advisory obligations. .
In theory, the transmission of information relating to the contract must be made before it is concluded. By phone, SMS or internet, this modality is not retained. However, they must be sent immediately and in writing immediately after the contraction.
A simplified procedure
A simplified information regime is provided for any credit agreement the conclusion of which is made via a voice communication device such as the telephone for example. In such a case, the information that can be communicated in an immediate manner is not as numerous as when the terms of the contract are negotiated directly in the offices of the personal loan organization. The task of the credit applicant is thus facilitated with regard to the understanding of the contractual clauses.
For this simplified plan to apply to you, you must absolutely approve it. In addition, the lender is obliged to inform you of the existence of other information and their nature. It is therefore important to check that all these conditions are well met to avoid unpleasant surprises.
However, the situation is different if the credit agreement relates to overdraft facilities. In fact, if you require an immediate availability of the overdraft facility for your benefit, the information related to the personal loan agreement must relate to a certain number of elements. These include information about the amount of credit you are applying for.
In the same vein, this information must concern both the borrowing rate and the conditions that apply to it. They also relate to any index or reference rate relating to the initial borrowing rate. This information also includes the various fees applicable at the time you enter into the loan agreement and the conditions under which these fees may be subject to change. Finally, this information must relate to the APRC using a representative example, in addition to any indication that repayment of your loan may be required at any time. These are the essential elements of your credit agreement. By mentioning them in this one, you can easily get an idea of the loan conditions that you are applying for with the organization of your choice.
As you can see, these are important elements that you need to consider carefully when concluding your credit agreement is done through communication tools such as SMS, Internet and telephone. It is clear that the conclusion of a loan agreement by these various means above simplifies your life enormously. However, you must keep in mind that a contract concluded in this way obeys specific rules. You need to know them in order to better enjoy your loan when the contract related to it is concluded either by phone, SMS or Internet.
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