Consumers get go-ahead to access loans across EU

EU MINISTERS have cleared the way for consumers to take out loans of up to €100,000 from banks and lenders in other member states.

Lenders in all 27 countries will have to give an identical, easy-to-understand, full list of the costs involved, while there will be no financial penalty for early repayment of sums up to €10,000.

The European Consumer Credit Information service will also help citizens to shop for the best-value loan throughout the EU, even if it is in a country with a different language.