The right to withdraw from consumer loans


Anything you buy in a shop, clothing for example, can be returned or changed the next day.  It’s a right that we all take for granted. But did you know that you have the same right if you take out a consumer loan? It’s called the right of withdrawal.

The right of withdrawal applies to consumer loans and credit of between €200 and €75,000 and must be clearly stated in the contract. If you use this prerogative, the contract would be null and void; i.e. the loan would cease to exist. You do not have to give the bank any reason to exercise this right. The steps to take are as follows:

  • You have 14 calendar days from signing the contract to exercise this right.
  • The bank will not be entitled to charge you a penalty. However, as well as returning the capital that you have borrowed, you will have to pay any interest accrued since the money became available, i.e. from the moment you sign the contract to the moment the money is returned.
  • From the moment you notify the bank of your decision, you have 30 calendar days to return the amount borrowed plus the corresponding interest.

The right to withdrawal is particularly important in today’s world, teeming with offers of

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and pre-approved loans, which make it easy to get carried away and take out a loan on impulse.


Remember: you can back out of loans too. If you exercise this right, make sure, as we always recommend, that your order to the bank is placed on record.

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