Borrower's consent for unsecured credit and credit limits
Yes, otherwise you must get their consent.
last revised on 30 May 2017
When setting the credit limit on a new credit card or unsecured credit facility, FIs must either:
- Ask the borrower what their preferred credit limit is.
- Get the borrower’s consent for the credit limit amount.
This ensures borrowers are granted credit limits that they are comfortable with, for security reasons and protection against overspending.