Early repayment is a fundamental borrower right, recognised by European directive 2008/48/EC and transposed into every national law. No bank, no credit organisation can deprive you of it.

What the law guarantees

You can repay your consumer credit, in full or in part, at any time and without having to justify your decision. The lender cannot refuse or add restrictive clauses.

Possible indemnities

Under legislation, an indemnity may be requested to compensate the lender's shortfall:

  • Maximum 1% of the repaid capital if remaining term exceeds one year.
  • Maximum 0.5% if remaining term is less than one year.
  • No indemnity if the amount repaid over twelve months is less than €10,000.

At CREDITO SOLIDARIO we apply a more favourable policy: no early repayment indemnity, regardless of remaining term and amount.

The procedure

  1. Send a written request (letter or email) specifying the amount and desired date.
  2. The lender sends the statement: capital due, accrued interest, any indemnity.
  3. You transfer the amount on the agreed date.
  4. You receive a zero-balance certificate.

When it's worth it

Early repayment is particularly relevant when your savings earn less than your loan rate, or when you approach a life change requiring monthly budget freedom.