Asking for a loan will be safer in the EU after the Council’s final approval of the Consumer Credit Directive

Adopted – 9 October 2023

The Council of the European Union has voted to adopt the proposed directive (CCD II) which will revise and replace the Consumer Credit Directive (2008/48/EC) (CCD). In short, CCD II aims to modernise and enhance protection at EU level for consumers applying for credit and will cover credit agreements of up to EUR 100,000. The new measures will apply to certain loans that were excluded from the scope of the CCD, including loans below EUR 200, loans offered through crowd-lending platforms and buy now, pay later (BNPL) products. Available here.