Notes When Signing A Consumer Loan Contract
The Department of Competition and Consumer Protection (Ministry of Industry and Trade) forecasts, consumer loans will become a new trend, meeting the needs of people during and after Covid-19. In order to maximize consumer benefits as well as anticipating unreasonable consequences, the Department has given some notes to consumers relating to this form. copper provided by the credit institution, consumers need to understand the entire contents, especially the terms of lending term, time limit for maintaining limits; lending interest rates, the time to determine interest rates, interest calculation methods; Cases of penalties applying and calculation; Other fees must be paid in addition to fixed fees and profits. Consumers should not register for a loan too much of their payment capacity; Have a clear plan in balancing spending to pay loans according to term, paid on time according to the provisions of the contract, in order to avoid overdue debts and profits that arise or lose the ability to pay Debt .
