New transparency rules for banking and financial transactions and services came into force on 1 October 2003. They're designed to make sure that the customer is given the clearest and fullest possible information about the products offered, right from the pre-contract stage.
For easy access to all the information on our products, including the contractual and financial terms, you can view the following documents by clicking here:
Guide to the transparency of personal loans and overdrafts
Guide to the transparency of flexible personal loans and overdrafts
These are guides containing the following transparency documents:
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the Information Sheet containing detailed information about the financial intermediary and the rates, costs, charges and other contractual conditions as well as the loans' most important characteristic risks;
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the notice summarising the customer's main rights under consumer protection law;
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of personal details, including a declaration of the length of time for which such details will be kept
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details required under the Credit Rating Systems Code of Conduct concerning the handling and protection of personal details, including a declaration of the length of time for which such details will be kept;
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disclosure documents as required under Art. 49 of ISVAP Regulation No. 5/2006, Appendix 7A and Appendix 7B (version for insurance agent acting on agency premises). For further details of the optional Death/Disability insurance cover, click here
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the Privacy Notice on the handling of personal details.
You can also check out a complete copy of the layout of the Loan application/contract, together with the summary of main contractual conditions, which customers may request even before the contract itself is entered into.
Right to Cancel
Crédit Lift gives notice that, in the case of distance selling of financial services (by any technical form of remote communication, e.g. post, internet, etc.), Art. 67- duodecies of the Consumer Code gives you the right to cancel the contract within 14 days of its conclusion (i.e. of the approval of your loan application).
To exercise your right to cancel, send a registered letter with recorded delivery to the following address: Crédit Lift S.p.A. Società Finanziaria, sede legale in Via Bernina, 7 - Milano, giving the account details shown on the acceptance letter. If cancellation takes place after all or any of the loan has been advanced, any such moneys paid to you will have to be refunded within 30 days of the date of cancellation. Interest will be charged at the rate specified in the contract on any such moneys not refunded by that deadline.
If you take out insurance cover, you should refer to the General Conditions of Insurance. We give you notice that if you take out the Death/Disability insurance policy you will have the right to cancel that policy within 30 days of signing it; in the case of additional insurance services the deadline is 14 days.
The same documentation is also available from authorised branches.
Before applying for one of our finance products, therefore, any customer will be in a position to duly access all the information concerning the loan in which he/she is interested.
Determination of the Rate of Interest (TAN/TAEG): for the purposes of determining the rates of interest, the law has set a maximum rate above which interest is automatically regarded as "usurious". "Usurious" rates under Art. 2 of the Usury Act (Law No. 108/96, as amended) are one and a half times the mean rates surveyed in the market.
To view the latest quarterly Notice of those rates, click here