A Guide: Consumer Credit

The Act requires that the creditor provide you with specific pre-contractual information. The creditor is under an obligation to provide you with specific facts about the contract and to do so in good time so you can consider the proposed transaction. The rules are designed so that you cannot be pressured into accepting the credit agreement; you should be given an opportunity to pause and reflect on what is being offered and compare with other credit offers.

The pre-contractual information that must be provided is largely the same as what will appear in the agreement itself. Such information will include: the type of credit; the total amount of credit and the conditions governing the credit.

This information must be provided in a standard format to aid comparability. The information must be clear and easily legible.