Loans Without Boundaries
A new European Commission law brings the benefits of Europe’s single market to retail financial services. Consumers will now be able to shop around for the best offer from banks and credit companies in other EU countries. Consumer credit rates differ by as much as 6 percentage points depending on the country. While consumers in Finland pay only 6.3% for their loans, in Portugal you pay 12.2%. The EU is now acting to level the playing field. The new legislation covers loans from €200 to €75 000. According to this EU press release the lower limit was set to cover quick loans made by mobile phone text messages. This practice, which means money can be transferred to the borrower within 15 minutes, is on the rise and is particularly popular in Sweden and Estonia. Via The Bankwatch.
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