Implementation of EU Directive (EU) 2023/2225 on consumer credit agreements

An EU directive requires better protection for consumers when taking out loans. Banks and other lenders will in future have to assess more carefully whether a customer can actually afford a loan. People who have difficulty repaying their loan will gain more rights: the lender must first look for a solution before taking legal action. In addition, loan agreements with an interest rate far above the market level will be declared invalid.