Consumer credit

This is a type of personal loan covered by specific regulations to offer consumers extra protection.

Law 16/2011 of 24 June 2011 on credit agreements for consumers (in Spanish)Abre en ventana nueva, applies to consumer credit of between €200 and €75,000 intended for personal use.

Before signing the agreement:

  • Read the advertising material and the Standard European Consumer Credit Information form from your bank carefully (INE (in Spanish)Abre en ventana nueva). This form uses has a standard format so you can check and compare the conditions of different offers from anywhere in the EU.
  • Ask for a binding offer in writing setting out all the terms and conditions. This is free of charge and, except in exceptional circumstances, valid for at least two weeks.
  • The lender should explain any points you need clarifying to help you judge whether the offer matches your financial situation and borrowing needs.

After signing the loan agreement you have a 14-day cooling-off period in which you can cancel it free of charge without having to give any reasons. You must then return the borrowed amount together with the accrued interest, under the conditions of the loan, within 30 calendar days of giving notice of cancellation.

Find out more about consumer credit contracts in our 2016 Complaints Report (in Spanish)  (130 KB)

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