Shopping for personal loans made easier under new EU directive

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Wed, 23 Jan 2008

The EU Consumer Credit Directive may help expats get a better deal on a personal loan . Majorie Mansfield, an independent financial adviser from Siddalls, a firm specialising in expatriate finance, explained that the new ruling could make it easier for people to shop for loans in other parts of Europe .

The directive intends to standardise lending rules across the EU member states. According to Mansfield, because average interest rates vary from country to country, there may be some good deals available. However, she doubts whether many people will take advantage of this potential.

She says, "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."

"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."

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