How Rules Of The Game Are Changed On Consumer Loans?

Consumer Loan Agreements are regulated under Articles 22 -31 of the Consumer Protection Law numbered 6502 and entered into force on 28.05.2014 ("Law No.6502"). Amendments and new legislations regarding to Consumer Loans different from Consumer Protection Law numbered 4077 ("Law No. 4077") are as follows;

1. Scope of Consumer Loans is extended. Consumer Loans are defined in the Law No. 6502 as "loan agreement is the one under which the loan provider guarantees the consumer to postpone the payment, grants loans or undertakes to grant loans through borrowing or similar financing methods in return for interest and similar benefits." According to the new definition, overdraft accounts, debt structuring in return for interest are also included in the Consumer Loans.