Document background
An Unsecured Credit Agreement is essential when providing credit facilities without requiring security or collateral from the borrower. This document, governed by English and Welsh law, is commonly used by financial institutions, online lenders, and credit providers. It must comply with strict regulatory requirements, including the Consumer Credit Act 1974 and FCA regulations. The agreement typically includes detailed terms about credit limits, interest calculations, repayment schedules, default provisions, and borrower rights. It's particularly important for consumer lending and must include all statutory disclosures and cooling-off periods required by UK legislation.
