22 May 2007
A bill currently being discussed among officials in the EU could see continental companies offering loans in the UK, leading to an increase in competition and the lowering of costs for British consumers.
A spokeswoman for the European Commission told the press: "These new rules will make it easier and more attractive for consumers to shop around the EU and for banks to offer their products outside their home base."
Aimed at loans up to 100,000 euros (around 68,350), the bill would allow lenders from any of the 27 European nations to offer loans to anyone within the EU.
If the bill is passed, British consumers will also enjoy the right to withdraw from a loan without charge -something which is currently already common practice in several European countries.
The news arrives on the day that the British Bankers' Association announced that March 2007's personal loan applications were up on February's statistics, but were still 47 million lower than in March 2006.
Sometimes a personal loan is a good choice, perhaps you want to consolidate your credit cards or buy a new car. Whatever your needs, let uSwitch.com help you find one to suit. We're impartial and comprehensive and won't charge you for using our service. Compare personal loans and apply online.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.