it is for business purposes; if the borrower does so, the contract isn't covered by the Act and the lender doesn't have to comply with it. These rules also mean that interest-free contracts can sometimes be covered by the Act. For example, a secured loan can be covered by the Act even if no interest is payable. There is no maximum amount for a consumer credit contract. A contract will be covered by the 2003 Act if it satisfies the four conditions above, regardless of how much money is involved. The "cooling off" period: The right to cancel the contract The Credit Contracts and Consumer Finance Act 2003 provides consumers with a period in which they can change their minds and cancel a consumer credit contract, as follows: In the case of a loan, you have three working days after the initial signing of the contract to cancel it. You must do this in writing, and you must return all the money borrowed to the lender. In the case of a credit sale (hire-purchase) where you haven't yet taken the goods home, you have three working days after the initial signing of the contract to cancel it, by notice in writing. In the case of a credit sale (hire-purchase) where you have taken the goods home, you must give a written cancellation notice within three working days after the initial signing of the contract and pay the cash price of the goods within 15 working days of the initial signing.