For many borrowers, a cash loan agreement is a document that cannot be canceled in any way. In fact, it’s a bit different. Yes, the borrower is obliged to comply with the provisions arising from the contract, but may also withdraw from it within a maximum of 14 days from the date of signing.
How to withdraw from the loan?
There is only one way to withdraw from a loan. A relevant statement should be signed, which should be provided with the loan agreement by the bank. This declaration should be signed by hand and – if we have the opportunity – it should be delivered directly to the creditor’s seat. We should also remember to obtain from him an appropriate certificate that the said document was forwarded in a timely manner and with an appropriate date.
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Withdrawal from the contract – what next?
If the cash loan agreement has already been drawn up, withdrawal from it will involve the transfer of not only the borrowed capital, but also the relevant interest. Of course, these 14 days will not be too high, but you still have to pay them back. Of course, the bank will determine how much money we have to pay. Let’s also be prepared for additional fees, which will depend on the provisions in the contract.
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When to pay back the money?
The cash loan agreement obliges us to repay the entire liability up to 30 days after signing the agreement. This period is not to be exceeded! Moreover, exceeding this deadline results in the cancellation of the withdrawal from the contract, which at the same time requires the timely repayment of liabilities based on the existing repayment schedule.
In summary, a cash loan agreement is a document from which, as with any agreement, you can withdraw. In this case, the 14-day deadline is not exceeded. However, withdrawal from the contract involves some costs that must be paid to the bank.