Definitions Establishing the Scope of Harmonization in the Field of Consumer Credits. Comparative Aspects

Abstract

The sphere of consumer loans implies protection, knowledge, anticipatory regulations, flexibility, adaptability leading to the elaboration of a modern, clear legislation and an efficient internal credit market. Clear, explicit and clear legislation contributes to increasing the trust of customers, consumers and effectively to their protection. The European Directive states that: “in order to ensure consumer confidence, it is important that the market provides them with a sufficient degree of protection” [1]. In this way, the demand and supply of loans can be achieved in optimal conditions, both for professionals who offer loans and for credit consumers. A sufficient degree of protection ensures the confidence of credit consumers. In this sense, the concept of complete harmonization, from the perspective of the European Directive is seen as necessary in order to achieve a high level of interest of consumers and professionals. Legislation easily understood by the parties involved in credit agreements, does not leave room for some interpretations. For this reason, we appreciate the fact that the presentation of the definitions, the transparency in the knowledge of their meaning represent one of the important measures of protection of the customers consuming loans.