Comprehensive advice on the legal aspects of operating a consumer credit application
Consumers are interested in the fastest possible application process for a consumer loan with which to finance the purchase of goods. The decision to buy an item can be spontaneous, thus waiting in line at a lending point located in the shop itself, if there is one at all, becomes burdensome for them and may cause them to abandon the purchase.
A solution has already appeared on the market to respond to this problem. For our client, a consumer credit intermediary, which is the developer of an innovative mobile application, designed for stationary sales shops, enabling the submission of consumer credit applications, the Firm provided services including:
- verification of the customer’s loan application process;
- drafting the terms and conditions of the mobile application;
- reviewing the KYC process;
- drafting the necessary consents and declarations;
- providing opinions on the cooperation model with merchants;
- creating cooperation agreements with merchants.
See also:
For our client, during regular legal advice, we developed documentation for an anti-money laundering and counter-terrorist financing system (hereinafter “AML/TF system”, maximum penalty for violating those laws may result in financial penalty up to 5 million EUR).
As part of our ongoing cooperation with a client, a small payment institution, providing payment services including issuing of credit cards and providing payment credit to consumers, we represent the client in the proceedings for obtaining a license to provide payment services as a national payment institution.