Document background
The Consumer Credit Contract is essential for financial institutions operating in the Philippines that provide credit facilities to individual consumers. This document is used when extending various forms of consumer credit, including personal loans, credit card services, and installment purchases. It must comply with strict regulatory requirements under Philippine law, particularly the Truth in Lending Act, Consumer Act, and BSP regulations. The contract serves multiple purposes: it establishes the legal relationship between the lender and borrower, provides mandatory disclosures about interest rates and charges, outlines payment terms and conditions, and incorporates consumer protection provisions required by Philippine law. It's designed to ensure transparency in lending practices while protecting both the financial institution's interests and consumer rights.
