Withdrawal from the GofoCred contract
GofoCred is a company providing online payday loans, belonging to the company Speedy Finance present in many European countries. The company started its operations on the Polish market in 2011. The main product of GofoCred are short-term payday loans, which we can take without leaving home using a device connected to the Internet. We can take out a loan from $ 100 to 4000 for a maximum period of 30 days. In turn, if after taking the payday loan we decide to cancel the signed contract, we can do it on the basis of the provisions contained in the Consumer Credit Act of May 12, 2011, which regulates the activities of non-bank loan companies in Poland.
Art. 53. 1. The consumer has the right, without giving any reason, to withdraw from the consumer credit agreement within 14 days from the date of the contract.
How to withdraw from the GofoCred payday loan agreement ?
Withdrawal from the payday loan agreement with GofoCred takes place after the lender has submitted a written statement. This should be done effectively, because in case of any irregularities, we are obliged to prove delivery of such notification. The model statement on withdrawal from the loan agreement should be on the website of our lender.
Pursuant to the abovementioned article of the Consumer Credit Act, the completed statement must be submitted within 14 days of signing the contract. Cancellation of the contract is voluntary and does not involve any additional explanations regarding our decision.
Termination of the GofoCred contract
The lender may terminate the contract with immediate effect in the event of:
- untimely repayment of the loan together with due receivables,
- providing false information and data necessary for its proper verification and assessment of creditworthiness,
- when our credit rating is negative
As soon as the contract is terminated, we will be obliged to repay the entire obligation.
Withdrawal from the GofoCred contract – consequences
Many lending institutions add fees or commissions to borrowers when they decide to withdraw from the contract. When resigning from the contract at GofoCred, we must take into account the payment of capital interest calculated from the day the money is withdrawn until the loan is returned.
The amount of capital interest will be given to us to two decimal places. It may slightly differ from the total amount of capital interest indicated in the individually agreed contract terms in relation to the period for which the loan was granted. In turn, in the event of a delay in repayment (more than 30 days), the loan company may charge us additional interest for delay in the amount not exceeding twice the sum of the reference rate of the Polabank and 5.5 pp, and carry out reminder and debt collection activities.
Withdrawal from the GofoCred contract – how to deliver the letter?
The deadline to withdraw from the contract is met if, before its expiry, we submit a statement of withdrawal to the lender. During the delivery of such a document, we also undertake to return the entire borrowed amount together with capital interest for the period from its payment to the time of repayment. In the GofoCred framework agreement we find information that a statement of withdrawal should be sent to the lender’s address. The company also provides us with the opportunity to submit a statement electronically.
A model statement of withdrawal is Annex 2 to the contract, the sample content of which can be found on the lender’s official website in the “Contract Terms” tab. The statement should be printed and completed, entering our personal data, address, ID number and series, loan number and date of conclusion of the contract in the designated places.