The Federal Council has decided to enact two corresponding bills amending the Code of Obligations and the Consumer Credit Act (CCA). From 1 January 2016, a right of cancellation of NEW14 DAYS will apply to credit transactions. In addition, consumer loans may no longer be advertised in an aggressive manner.
How does the cancellation period affect your personal loan?
If the financing decision is positive, we will immediately send you the contract for your loan. As soon as we receive the signed loan agreement back, we can pay you the loan amount after observing the legal revocation period of 14 days.
Therefore, in the future, it will be even more important to plan your loan application early so that you can get your financing at your leisure.
Why is there a withdrawal period?
The right of withdrawal represents a mandatory legal right for the borrower. Your loan will be paid out immediately after this period has expired.
What is a withdrawal period?
The withdrawal period is a period of time during which a borrower can withdraw from a credit agreement. This allows the borrower to cancel an already concluded credit agreement within the first 14 days.
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