The Pre-Contract Consumer Credit Information (PCCI) is a document that Kravings must provide to consumers before entering a Loan agreement. The purpose of the PCCI is to give borrowers clear and detailed information about the credit product, allowing them to understand the terms and make informed decisions.
The PCCI document will includes:
Key Features of the Credit: Details about the type of credit, the amount borrowed, and the duration of the credit agreement.
Interest Rate: Information on the interest rate, Kravings loans are at a fixed rate and the repayments.
Costs and Fees: A breakdown of any additional costs, such as processing fees, late fees, or charges for early repayment.
Repayment Schedule: The timing and amount of repayments, and the total amount to be repaid over the term.
Consequences of Non-Payment: Information on what happens if the borrower fails to make payments, including potential fees and impacts on credit score.
Rights of Withdrawal: Details on the borrower's right to withdraw from the agreement within a specified period.
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The PCCI is designed to protect consumers by promoting transparency and ensuring they have the essential information needed to compare different credit products before making a commitment.