What are the EU rules on consumer credit?

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. You can cancel the agreement within 14 days of signing. You can also repay the loan or credit at any time.

What do you need to know about credit in Europe?

European legislation harmonises the general conditions relating to consumer credit, including the main information consumers ought to be aware of, and their obligations. This information includes the annual percentage rate of charge or, failing that, the total amount that the consumer must pay for credit.

What do you need to know about European Union regulations?

These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic. European legislation harmonises the general conditions relating to consumer credit, including the main information consumers ought to be aware of, and their obligations.

What was the aim of the Consumer Credit Directive?

The central piece of EU legislation governing the provision of consumer credit is the 2008 Consumer Credit Directive.9Its aim is to create a single market for consumer credit and to achieve a level playing field for consumer credit across the EU.

How is consumer credit regulated in the US?

Banks may directly finance purchases through loans and mortgages. The law of consumer credit is primarily embodied in federal and state statutes. These laws protect consumers and provide guidelines for the credit industry. States have passed various statutes regulating consumer credit.