Credit Agreement

A document that sets out the exact terms of credit, in accordance with strict requirements of the Consumer Credit Act 1974.

A credit agreement is a legal contract issued by a lender which sets out the terms of extending credit to customer money for a specified amount of time. The credit agreement outlines all the rules and regulations associated with the contract. This includes the interest that must be paid on the loan and when and how it is to be repaid.

A credit agreement can be a lengthy and detailed document. For the most part, all types of loans (ranging from credit cards to mortgages) have some sort of credit agreement, which must be signed and agreed upon by both the bank or lender and the customer - the contract does not come into effect until the document has been signed by both parties and under current law is always subject to a cooling off period.

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