Crackdown on websites offering consumer credits

11/29/2012

Before consumers enter into a loan, they need to understand its real cost and take the time to reflect, especially on the monthly repayment.

Before consumers enter into a loan, they need to understand its real cost and take the time to reflect, especially on the monthly repayment. The Consumer Credit Directive lists the information that need to be given in advertising of credits and as part of credit offers and provides for a 14 days reflexion time, during which the consumer may back out of the agreement without charge.

Following a crackdown on websites offering consumer credits, more than 3 out of 4 sites checked a year ago now comply with EU law (compared with only 30% in September 2011). Further improvements should come as national authorities pursue their actions on outstanding cases.

Read the whole press release via the link on the right side of this page.