What the EU is doing and why
EU 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 must
- give you standardised information to make it easy for you to compare offers
- tell you the annual percentage rate of charge (APR) – this tells you the total cost of the credit
- assess your creditworthiness i.e. your ability to pay back the credit in a sustainable way
You can cancel the agreement within 14 days of signing. You can also repay the loan or credit at any time.
Basic information
- Text of the Consumer Credit Directive (2008/48/EC)
- Summary of the legislation: Consumer credit agreements
Delegated and implementing acts
Transposition by EU Member States
The Consumer Credit Directive was transposed by all EU Member states into their national law.
Ongoing revision
- Ongoing revision of the Consumer Credit Directive
- Legislative initiative on the review of the Consumer Credit Directive