Paying off the loan
A loan is only considered to have been paid off in full when all the contractual obligations have been met.
The loan will be cancelled once the agreed obligations have been accomplished, particularly repayment of the loaned amount, either upon maturity or because we have decided to make an early repayment.
If you fail to comply with the loan conditions over an extended period of time, the bank may seize your goods in order to recover the granted amount, because personal loans are guaranteed with all present and future assets.
When a loan or a credit has one or more guarantor and the loan holder fails to fulfill payment duties, the bank shall directly demand that they pay the outstanding capital. Each guarantor shall therefore be held jointly and severally liable for the outstanding debt.
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FREQUENTLY ASKED QUESTIONS
What happens when you ask for finance when buying a product or paying for a service?
Read answeraboutWhat happens when you ask for finance when buying a product or paying for a service?
Are all lenders supervised by the Banco de España?
Read answeraboutAre all lenders supervised by the Banco de España?
