You may already know:

• Tenants must sign tenancy agreements
• Land buyers must sign land purchase and sale agreements
• Employees must sign labor contracts

Then do borrowers of finance institutions have to sign a contract?

The answer is YES. And according to the current law, the lending relationship between finance institutions and customers is established and implemented through a legal paper called CREDIT CONTRACT.

• CREDIT CONTRACT is a legally binding agreement in which a finance institution (lender) undertakes to lend the customer a certain amount of money for a specified period of time. A credit contract includes all the terms that specify the rights and obligations of both the borrower and the lender, including the interest that the borrower needs to pay to the finance institution.
• To ensure the legality, obligations and interests are clear and transparent between the finance institution and the borrower. If you are planning to borrow money of finance institutions, you need to have a clear understanding of the credit contract as well as its terms.
• At Mcredit, all loans have transparent, clear credit contracts and comply with the legal regulations. So you can be “no worry – just happy” borrowing money of Mcredit.

You can find Mcredit contract template here: https://mcredit.com.vn/vi/tra-cuu-mau-hop-dong