This is performed in order to prevent excessive indebtedness on the borrower's part by concluding a consumer credit contract and is regulated by consumer credit laws in detail.
The credit provider must calculate a budget. He must take into consideration at least:
In order to assess creditworthiness, the credit provider must assume full payment of consumer credit within 36 months, even if a longer duration is agreed upon (longer duration results in lower installments).
The CIC will also be consulted.
According to credit check results, the credit provider must decide whether to accept or deny the application for consumer credit and determine individual effective annual interest.
