The bank loan agreement is the document with which customer and bank agree on the provision of a loan. The contract describes the clauses related to the loan and governs the relations between the parties until the loan expires. To be valid, the contract must be put in writing, otherwise it is null: a very rare eventuality in traditional relations with banks, but which has been regulated differently from the moment in which the online financing has spread, in which the two parts never meet physically. We will therefore see how the online loan contracts differ from the traditional ones.
First of all, it must be remembered that to sign the contract, it is necessary to present certain documents to the bank: the identity document and the tax code, plus some certification of a stable and secure income, which guarantees the bank about the applicant’s ability to repay l amount obtained on loan. Usually, the most secure guarantee is the last paycheck or pension slip, in addition to the last tax return.
Once the terms and conditions of the loan have been agreed with the bank, the contract must be signed by both parties . It must contain all the necessary information regarding the loan, including:
- the details of the applicant and the bank;
- the amount of the loan and the manner in which it will be disbursed;
- all information regarding repayment installments (frequency, number, amount, calculation method, deadlines);
- the interest rate (differentiating between TAN and APR);
- ancillary costs not included in the APR (usually these are notary fees);
- withdrawal procedures;
- any additional information (charges in the event of default, additional guarantees, insurance policies).
The contract drawn up according to these indications must be signed by both parties in duplicate : one for the customer and the other guarded by the bank. In this case, the contractual obligations start from the moment the two parties signed the document.
It is clear that this simultaneous signature is not possible with regard to online financing. The online loan agreement must therefore be printed by the applicant after having accepted the conditions of the selected loan offer: usually, it is necessary to fill out a series of online forms with personal information and on the loan, after which the contract can be printed. The latter must then be sent, once signed, to the finance company, while a copy must be kept by the user. The contract will be valid however not from the moment of the signature, but from the receipt of the acceptance letter from the financial company.