What is the deadline for refusing a loan?
Posted: Mon Jan 06, 2025 6:56 am
If the client decides to voluntarily refuse loans at the registration stage, he can do so at any time before receiving funds. Approved applications do not impose any obligations. No money - no problems and questions.
But after receiving the funds, you can only refuse a consumer loan within a certain period of time - up to 14 days. The period for refusing targeted loans (for example, a mortgage or car loan) is longer - up to 30 days.
However, it is worth considering that the bank has every right to request interest for the use of funds for this period.
On topic. How a loan can ruin your business: risks and mistakes
When you can’t refuse a loan
By law, you cannot refuse a loan after the term has colombia whatsapp phone number expired: 14 days for a consumer loan, 30 days for a targeted loan. But you can go the other way and repay the loan early, returning the full amount with interest.
Imagine that a woman turned to a lawyer. She took out a consumer loan to pay for her son's wedding (450 thousand at 20% per annum). However, the celebration was cancelled because the newlyweds broke up. The money was of no use.
The woman was mistakenly sure that she would easily return the funds to the bank by paying the minimum interest. However, by that time more than a month had passed since the day she received the loan.
The client contacted the bank, but of course she was refused. Then the woman contacted a lawyer to help her restore justice. The lawyer explained that in this case, the bank has the legal right to refuse to accept the loan, since more than 14 days have passed.
In this case, the woman had several options: she could repay the loan according to the terms of the agreement or repay it early.
But after receiving the funds, you can only refuse a consumer loan within a certain period of time - up to 14 days. The period for refusing targeted loans (for example, a mortgage or car loan) is longer - up to 30 days.
However, it is worth considering that the bank has every right to request interest for the use of funds for this period.
On topic. How a loan can ruin your business: risks and mistakes
When you can’t refuse a loan
By law, you cannot refuse a loan after the term has colombia whatsapp phone number expired: 14 days for a consumer loan, 30 days for a targeted loan. But you can go the other way and repay the loan early, returning the full amount with interest.
Imagine that a woman turned to a lawyer. She took out a consumer loan to pay for her son's wedding (450 thousand at 20% per annum). However, the celebration was cancelled because the newlyweds broke up. The money was of no use.
The woman was mistakenly sure that she would easily return the funds to the bank by paying the minimum interest. However, by that time more than a month had passed since the day she received the loan.
The client contacted the bank, but of course she was refused. Then the woman contacted a lawyer to help her restore justice. The lawyer explained that in this case, the bank has the legal right to refuse to accept the loan, since more than 14 days have passed.
In this case, the woman had several options: she could repay the loan according to the terms of the agreement or repay it early.