EU directive will make it easier to shop for personal loans
Published On 19 January 2008
The EU Consumer Credit Directive could help expats secure a better deal on a personal loan, an independent financial advisor has said.Marjorie Mansfield of Siddalls, a firm which specialises in expatriate finance, explained that the new ruling should make it easier for people to shop for loans in other parts of Europe.
The directive is intended to standardise the lending rules across the EU member states.
Ms Mansfield noted that because the average interest rate varies from country to country, there may be some good opportunities available.
However, Ms Mansfield expressed doubt as to whether many people would take advantage of this potential.
"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."
