Consumer rights when purchasing goods on credit: what everyone should know

Buying goods on credit has long been common practice for Ukrainians. Phones, household appliances, furniture, and even services are often purchased with deferred payments. At the same time, not all consumers are aware that the law provides them with clear and effective protection mechanisms.

The rights of buyers who have purchased goods on credit are defined by the Law of Ukraine “On Consumer Protection” and the Law of Ukraine “On Consumer Lending.” These rules require the lender to provide complete and understandable information before signing the contract: the amount of the loan, the interest rate, the total cost of the loan, the terms and procedure for its repayment, and the possibility of early repayment. There should be no hidden fees or “additional commissions” in the contract.

One of the key guarantees for consumers is the right to withdraw from a consumer loan agreement. The law allows them to do so within 14 calendar days of signing the agreement, without giving any reason. Even if the funds have already been received or the goods have been delivered, consumers have the right to return the loan, paying only the interest for the actual period of use of the funds. No penalties or additional fees are allowed in such cases.

If goods of satisfactory quality were purchased on credit and the consumer decides to return or exchange them, it is important to follow the correct sequence of actions. First, you must contact the lender with a statement of withdrawal from the credit agreement, and only then contact the seller with a request to return the goods.

The law also protects consumers from unfair contract terms. Clauses that restrict the buyer’s rights, impose additional services, or allow the lender to change the terms unilaterally may be declared invalid. The National Bank of Ukraine oversees consumer lending, and in case of violation of rights, the consumer can contact the State Consumer Protection Service or go to court.

If you still have questions, have problems with goods purchased on credit, or the lender refuses to comply with legal requirements, you can always consult our lawyers. Our specialists have practical experience in the field of consumer protection and will help you understand your situation and choose the right course of action.

Remember: knowing your rights is your strength. The law is on the side of buyers. Be aware, be legally literate, and defend your interests with confidence.