Withdrawing from a loan within 14 days: the right few people use
Short answer
With a consumer loan in Bulgaria you may withdraw from the agreement within 14 days without giving any reason or paying a penalty — you repay the principal drawn plus interest for the days you actually used the money.
When the clock starts
The period runs from the conclusion of the agreement, or from the day you received the terms and the pre-contractual information if that happened later. With online loans the signing date and the date the documents arrived are not always the same, so keep everything the lender sent you, including the emails.
What you repay and what you do not owe
You repay the principal drawn and the interest accrued for the actual number of days of use. No fee is due for the withdrawal itself — it is a right, not a service. If you paid a processing or drawdown fee, whether it is refundable depends on its nature and on the clauses of the specific agreement.
Why the right often goes unused
Because it is rarely stated clearly. A withdrawal notice is best given in writing and in a form that leaves a trace — email, registered notice or a filing number. A verbal intention is hard to prove, the period is short, and it is not extended by agreement.
Frequently asked questions
- Do I have to explain why I am withdrawing?
- No. Withdrawal within this period requires no reason, and the lender cannot make it conditional on a cause, on approval or on an extra payment.
- Can I withdraw if I have already spent the money?
- The right to withdraw does not depend on whether the money was spent, but repaying the principal remains due within the period set by the law and the agreement.
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