Lagarde law

The Lagarde law is a consumer protection law vis-à-vis bank credit organizations on consumer credit. This Lagarde law obliges credit organizations and companies to provide better transparency in consumer credit offers.

The Lagarde law in a few lines:

- This new Lagarde law requires the credit organization to verify more information with the consumer credit applicant. This approach aims to protect borrowers in a difficult financial situation or in a situation of over-indebtedness so that they can no longer take out additional credit. The credit house will no longer be able to grant them a loan.
- The Lagarde law requires credit organizations to post mandatory credit commitment information on credit offer advertising media.
- The withdrawal period for a loan offer goes from 7 days to 14 days. A loan application commits the loan seeker and should not be taken lightly, which is why the cooling-off period is extended.
- The Lagarde law requires credit organizations to offer a repayable loan (personal loan) when the amount requested by the borrower is greater than € 1,000, while some credit organizations tended to only offer these loans to the borrower. 'from 3000 see 4000 €.
- The maximum duration of the revolving credit has been increased to 36 months for amounts of this credit greater than € 3,000.


Our point of view on the Lagarde law is that it allows and requires credit organizations to anticipate overconsumption and impulse buying on credit by consumers and prevent them from finding themselves in a delicate financial situation or even in over-indebtedness.
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