Brussels, |
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Brussels, |
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EU rules on consumer credit are designed to strengthen the consumer rights and to help them make an informed choice:
Before sign an agreement, the lender must:
You can cancel the agreement within 14 days of signing. You can also repay the loan or credit at any time. The Review of the current DirectiveOn 30 June 2021, the European Commission presented a review of this Directive.
The initiative followed its evaluation published in 2020, which highlighted several challenges hindering its functioning, in particular in terms of scope, information provision and creditworthiness assessment. The review, also included among the New Consumer Agenda actions, took into account the impact of COVID-19 on the credit market and on consumers, including vulnerable ones. Since the introduction of the 2008 Directive, the landscape of decision-making and consumer preferences has been significantly transformed by digitalization. Nowadays, consumers increasingly seek a more streamlined and rapid credit application process, often opting for online channels. This shift towards digitalization is also reshaping the lending industry, with emerging players like peer-to-peer lending platforms offering diverse credit options. Furthermore, novel financial products, including short-term high-cost credit, have emerged as a result of this digital evolution. Additionally, digitalization has ushered in innovative methods for digitally disclosing information and evaluating consumer creditworthiness through automated decision-making systems and unconventional data sources. |
The European Union mortgage credit market is currently fragmented, posing challenges to cross-border service provision.
The financial crisis further eroded confidence in the financial sector and highlighted the need for EU-level action to address issues arising from irresponsible lending across borders. The EU is actively working to: 1. Foster integration in the mortgage credit market. 2. Promote standardized practices. 3. Safeguard consumers throughout the EU. EU regulations for mortgage credit are outlined in the Mortgage Credit Directive (MCD), which aims to create a unified EU mortgage credit market while prioritizing consumer protection. |
Brussels - Milano - Nice - Tokyo
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eEuropa Belgium
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