Pre-contractual information

The creditor is obligated to give you pre-contractual information before entering into a loan contract. In case you want to take a loan, lease, make a hire purchase or acquire a credit card, pre-contractual information must be entered into the European consumer credit standard information form. In case you want to obtain a loan linked with residential property, including a mortgage, the creditor must enter pre-contractual information into the European standard information form.

Since the information forms have a uniform structure, you can use the information form to compare offers from different creditors.

The information sheet specifies the credit sum, the annual interest rate, the annual percentage rate of charge, the monthly repayment sum in case of a repayment schedule, default interests, all other possible fees in case if debts, and the options for withdrawal.

When comparing different offers, you should pay special attention to
  • Information on repayments,
  • Interest,
  • Annual percentage rate of charge,
  • Related costs, and
  • Costs in case of late payments.
  • Ask for the information sheet together with the offer before signing a contract.
  • Ask the creditor for addition information if anything remains unclear.
  • In addition to the information sheet, you may also ask the creditor for a copy of the draft contract to examine it.