withdraw from a loan

Cancel a loan: what you need to know

Banking products are very diverse and have the same advantages as a consumer item. Among these types of banking products are loans; and of which we can make use of a right, that of withdrawal. Withdrawing from a loan is very simple, we will tell you everything you need to know.

What is the right of withdrawal?

It is the exercise of the possibility of giving up or giving up a product within a specified period. To do this, a series of requirements must be met. A loan is still a consumer good, so current regulations apply. In Nigeria it is listed in the BOE. It basically consists of nullifying the contract signed by both parties.

What requirements do I have to meet to withdraw from a loan?

To qualify for it, three main requirements must be met; communicate it to the entity; do so within the time allowed for such and return the capital and accrued interest. Let's go into more detail about them.

Communication to the entity

Logically, if for any reason you want to renounce a loan already granted, you must inform the lender of your intention to do so. Entities usually make a withdrawal document available to clients. But you can do it by letter or a burofax. Always with something that remains on the record, not with a phone call. If you have questions about who to contact, contact your entity's customer service.

Communicate it in time

You have 14 calendar days to do so since the contract was signed. Remember that calendar days are those that count weekends and holidays. If you are within those two weeks, you can withdraw from the loan granted without any problem.

Return principal and interest

If you do not need the loan or have changed your mind, the right of withdrawal obviously obliges you to return the principal and accrued interest. Here the law indicates that you have 30 calendar days to do so from the date of withdrawal. Likewise, you will not have to pay any type of penalty or extra expense for it, since it is a right.

Although giving up a loan is a beneficial option as a consumer, it is always advisable to choose the desired product well to avoid reaching that point. To do this, in Ideale s Loans you have an extensive catalog of consumer loans that are adapted to your needs and possibilities. A detailed study of them will give you the keys to be able to choose the one you need. And that both the terms and the return time are adequate.

Do you already know what it means to withdraw from a loan? Remember to comply with the three premises to be able to benefit from it and do not worry about the process; It is quite simple and does not pose any kind of problem. Your credit history will never be affected by it. Never stop knowing your rights as a consumer.

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