Since 1st january 2016, two major changes have taken place in the field of private loan : longer extension of time before the revocation and strictly budget calculation. What are the consequences of these changes for the customers?
This right allows the customer to retract after the contract signing. Since the beginning of this year, you have 14 days instead of 7 days to change your mind about a loan.
This is to protect clients who signed too quickly. Like the cancellation period is longer, consumers are better protected against debts.
This results in changes of the general conditions of the loan. Indeed, the banks reset the period to provide money to the customer. Thus, they have to wait 14 days after the contract signing to have their credit.
The Federal Law on Consumer Credit (LCC) has hardened the budget calculation of the loan. Until december 2015, it defines more basics costs to determine the debt capacity of the borrower.
They are three new basics costs and they are deducted from the income of the consumer. First, this is the cost for a child under the age of 6. It sets 840.- CHF per month for the daycare. If you don’t support this charge, it will not be taken into account for your debt capacity.
There is also the cost of travel that sets 190.- CHF per month and the cost of midday meal that sets for 200.- CHF per month. This readjustement of the costs causes a lower debt capacity for a given income. This to prevent over indebtedness.
When the FLCC reinforces it framework, it’s to protect the consumers of financial disappointments. If a consumer has not the debt capacity, he can’t borrow.
When the credit demand is accepted, the client must wait 14 days to get his money. However, the banks remain able to provide you with an answer as 48 hours after a loan application.
Don’t hesitate to consult a reliable financial advisor, for example, Multicredit, to have an assistance to earn your credit.
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