Page contents Page contents What the EU is doing and whyEU rules on consumer credit are designed to strengthen your consumer rights and to help you make an informed choice if you sign up to a credit agreement.Before you sign an agreement, the lender mustgive you standardised information to make it easy for you to compare offerstell you the annual percentage rate of charge (APR) – this tells you the total cost of the creditassess your creditworthiness i.e. your ability to pay back the credit in a sustainable wayYou can cancel the agreement within 14 days of signing. You can also repay the loan or credit at any time. Policy making timeline 30 June 2021Legislative proposalCommission revises EU rules on product safety and consumer credit.February 2020ReportEvaluation of Directive 2008/48/EC on credit agreements for consumers.14 May 2014ReportReport on the implementation of Directive 2008/48/EC on credit agreements for consumers.22 May 2008LegislationDirective 2008/48/EC on credit agreements for consumers comes into force. Relevant legislation Consumer Credit Directive - 2008/48/EC Basic informationText of the Consumer Credit Directive (2008/48/EC)Summary of the legislation: Consumer credit agreementsDelegated and implementing actsDelegated and implementing acts to the Consumer Credit DirectiveTransposition by EU Member StatesThe Consumer Credit Directive was transposed by all EU Member states into their national law.Transposition history of the Consumer Credit Directive by EU Member StatesOngoing revisionOngoing revision of the Consumer Credit DirectiveLegislative initiative on the review of the Consumer Credit DirectiveLegislative historyOriginal legislative proposal for the Consumer Credit Directive Related links Consumer credits and loans: Information on consumer rights (Your Europe)
