A loan credit agreement is a legally binding contract between Kravings and you. This agreement outlines the terms and conditions under which the Kravings provides funds to the borrower, and the borrower agrees to repay the loan. The document typically includes key information like:
Loan Amount: The total amount of money borrowed.
Interest Rate: The rate of interest charged on the loan, which is fixed.
Repayment Schedule: The timeline and frequency of payments with Kravings is monthly.
Loan Term: The duration over which the loan is to be repaid.
Fees and Penalties: Any fees for early repayment, late payments, or other penalties.
Cooling of period: how long you have available to change your mind and how to close your loan, with no interest charged.
Default Conditions: Circumstances that would be considered a breach of the agreement, allowing the lender to take action.
This agreement ensures that both parties understand their rights and responsibilities and provides a legal framework for resolving disputes.