Personal loan agreement concluded with a non-banking financial institution. Consumer status

DREPTUL AFACERILOR

Abstract

Pursuant to the provisions set forth in Law no. 193/2000, „consumer means any natural person or group of natural persons gathered in associations, who, under a contract covered by this law, is acting for purposes which are outside his trade, business or production, craft or profession”. Therefore, a person can be qualified as not being a consumer, only in the situation that he or she concludes a contract with a professional for the purpose of carrying on certain trade, business or production, craft or profession. If the parties having concluded a personal loan agreement with a non-banking financial institution, in their capacity as natural persons and outside any business activity, they are consumers within the meaning of Law no. 193/2000, and the determination of this capacity cannot be influenced by the circumstance that they have an ongoing professional loan taken out from a bank.