If you wish to apply for a so-called consumer loan in an EU country of which you are not or not yet a national, you should consider the following aspects.

The EU has common rules that apply to all banks on its territory. Before signing the consumer credit agreement, the bank is obliged to send you all the terms and conditions of the agreement before signing it. In this way, you can make a comparison between different lenders and also ensure that all your claims are met.

Would you like to waive credits already received?

If you wish to waive a loan you have already received, you can do so within 14 calendar days of signing the contract. There is no need to justify the waiver. However, you must repay the money you have already received, interest and certain non-refundable taxes that have already been paid.

How is the loan repaid in advance?

Under current EU rules, early repayment of consumer credit of between EUR 200 and 75,000 is in principle possible with some exceptions. However, the risks to which you are exposed in this situation vary from case to case. The creditor’s compensation for the loss suffered depends on the terms agreed in the signed contract. The EU merely states that the compensation of the credit may not exceed the total amount of interest actually lost.

Do you feel discriminated against by the bank where you apply for consumer credit?

On the basis of the general principle of non-discrimination, banks are not allowed to discriminate against customers on the basis of their nationality, race, etc. The banks are not allowed to discriminate against customers on the basis of their nationality. Many banks in the EU that use the freedom of choice of their customers are reluctant to lend to citizens of different nationalities, even if they are nationals of an EU Member State.
If you feel discriminated against, always write to the bank’s claims office. On the basis of this document, you can request assistance from FIN-NET (Financial Dispute Resolution Network), which acts as an intermediary in disputes between consumers and financial service providers.