Consumer credit

What is consumer credit?

Consumer credit is a type of loan that allows consumers to finance expenditures for which they do not have the funds. This type of loan is used to purchase consumer goods and services.

How does it work?

A lender or credit intermediary lends the consumer a set sum. The consumer pays the loan back within a specified period and pays for this service in the form of interest and fees.

With the Credit Calculator (French - Dutch), you can calculate the duration and cost of your credit. Think carefully before choosing a loan. The "Thoughtful Borrowing" Checklist (French - Dutch) may help you make the right decision.

There are several types of consumer credit. The most well-known formula is a repayment loan. Credit cards or overdrafts on current accounts are other common forms of consumer credit.

What rules apply?

Consumer credit is subject to specific legislation. The law restricts costs that are allowed to be charged for consumer loans. All consumers who get a consumer loan have a 14-day cooling off period within which they can cancel it without stating reasons.

What is the FSMA’s role?

The FSMA supervises access to the activity of lender and intermediary in consumer credit. That means that the FSMA ensures that these lenders and intermediaries have the requisite knowledge, experience, training and professional integrity.

Where can you get more information?

You can find more information on consumer credit on (French - Dutch) and on the website of the FPS Economy (French - Dutch).