EU Lending Directive To Make Personal Loan Shopping Easier

Mon, 21 Jan 2008

Expatriates could be aided in securing a better deal on a personal loan by the EU Consumer Credit Directive, according to an independent financial advisor .

Marjorie Mansfield of expatriate finance specialists Siddalls explained that the new ruling, which is intended to standardise the lending rules across the EU member states, should make it easier for people to shop around for loans in other parts of Europe .

Ms Mansfield noted that expats may be able to get access to some great deals as the average interest rate varies from country to country, but doubts whether many people will take advantage of this potential.

She said: "I think initially it's not going to make a huge deal of difference and people will probably go to the lender that is local. Already, people don't shop around in a very mature market like the UK as much as they possibly could."

"I think that it's going to take some time before you see any impact from it," she added.
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