How the fast credits are regulated

The Law of Credit to Consumo establishes certain regulations that all the credit organizations are forced to fulfill, nevertheless does not stipulate anything about the “fast and easy credits”. With the enormous height of the fast and easy credits it is logical to ask to us about the regulations that by law these must accept, and although it seems uncertain does not exist no legal limitation for the types of interest of this type of credits, that can reach to annual 20%. Despite the credits to the consumption, that can finance from vehicles, trips, electric home appliances, etc., that are of 150€ until 20.000€ must fulfill the regulations that the Law of Credit to Consumo stipulates.

In her one stipulates that all the contracts must consist in writing the conditions of the contract, the Equivalent Annual Rate, the regularity of the payments and the term and the elements that are included in the total cost of the loan. What yes it is very clear in this Law is that each financial company necessarily is forced to grant, before the company/signature of the contract, a document with all the conditions of the credit. To this documents the binding supply is considered him and forces the credit company to respect what it is stipulated there, during ten working days. Another obligation that these companies must fulfill is to mention in its publicity the type of interest T.A.E., nevertheless nothing is said about the small letter that still exists in some contracts and that work like a trap where many trusting clients in the conditions that its banking organization promises to them, fall easily.
Most advisable it is to have extreme well-taken care of with the contract then in that document include absolutely all the conditions of the loan, also is important to make use of the right own the Binding Supply, because in those ten days of validity we can study conscientiously the loan and decide if to sign it or no.