Credit remains the main lever for accessing property and financing personal projects in France. Between mortgage loans, consumer credit, and new European rules coming into effect at the end of 2026, the credit landscape is undergoing a period of regulatory change. Understanding the mechanisms of each type of loan, their real costs, and the pitfalls to avoid allows for better negotiation conditions.
Directive CCD2: What changes for consumer credit starting November 2026
The directive (EU) 2023/2225 of October 18, 2023, transposed into French law by ordinance No. 2025-880 of September 3, 2025, and supplemented by decree No. 2026-105 of February 19, 2026, will come into effect on November 20, 2026. This overhaul directly affects borrowers.
The most concrete change concerns installment payments. Offers like “3x without fees” or “4x without fees,” which are very common in online commerce, will be legally reclassified as consumer credit. Lenders will have to apply the same pre-contractual information obligations, solvency analysis, and interest rate caps as for a traditional personal loan.
For borrowers, this reclassification provides enhanced protection. Mini-loans and payment facilities that previously fell outside the regulatory framework of credit will be subject to the same rules. However, some merchants may reduce their installment payment offerings, as compliance costs become higher.
Anyone wishing to delve deeper into the subject can consult credit on A Vos Finances to compare the different forms of financing available.
Mortgage or consumer credit: two distinct cost logics
A mortgage and a consumer loan do not operate under the same cost mechanics, and confusing them can lead to poor decisions.
The amortizable mortgage
The amortizable loan remains the most common form of mortgage in France. Each monthly payment combines a portion of capital and a portion of interest. At the beginning of repayment, the interest portion represents the majority of the monthly payment, meaning that early repayment in the first years significantly reduces the total cost.
The bridge loan addresses a specific situation: financing the purchase of a property without waiting for the sale of the previous one. The bullet loan, where the capital is repaid in one lump sum at maturity, remains marginal and is mainly aimed at rental investors optimizing their tax situation.
Consumer loans
Consumer credit covers loans of amounts between 200 and 75,000 euros, intended for non-real estate purchases. Three main forms coexist:
- The earmarked credit, linked to a specific purchase (vehicle, appliances). If the sale is canceled, the credit is also canceled, which protects the borrower.
- The personal loan, where the funds can be used freely. The rate is generally fixed, and the repayment period is defined upon signing.
- The revolving credit, which provides a reserve of money replenished as repayments are made. Its rate is often the highest of the three, and the risk of over-indebtedness is most pronounced.
The difference in rates between these categories can be considerable. The APR (annual percentage rate) remains the only reliable indicator for comparing two offers, as it includes processing fees, insurance, and interest.
Borrower insurance: an underestimated cost item
Borrower insurance weighs on the total cost of a mortgage much more than most borrowers realize. The Lemoine law, which came into effect in 2022, allows for the cancellation and change of borrower insurance at any time, without fees or penalties.
Four years after its adoption, feedback on its actual application varies. Some banking institutions continue to hinder requests for insurance substitution, despite the legal obligation. The DGCCRF monitors these practices, and associations like UFC-Que Choisir regularly document abusive refusals.
The health questionnaire has been removed for loans where the insured amount does not exceed a certain threshold, making it easier for individuals with aggravated health risks to access credit. Comparing borrower insurance offers can significantly reduce the total cost of credit, sometimes even more than negotiating the interest rate itself.
Usury rate and loan refusals: the limits of the current system
The usury rate, set quarterly by the Banque de France, represents the maximum rate at which an institution can lend. This mechanism protects borrowers against abusive rates, but it also creates a threshold effect.
When market rates rise rapidly, the usury rate can become an obstacle. Banks, unable to lend above this ceiling, refuse applications that would have been accepted a few months earlier. Borrowers with profiles considered riskier (modest incomes, non-permanent contracts, low contributions) are the first to be affected.
Several levers exist to circumvent a refusal related to the usury rate:
- Extending the loan term to reduce the monthly payment and the effective rate
- Taking out a less expensive external borrower insurance, which lowers the overall APR
- Reducing the borrowed amount by increasing the personal contribution
- Consulting a broker who negotiates directly with several institutions
The APR includes insurance in the calculation of the usury rate, which explains why cheaper insurance can turn around a refused application.
Before signing an offer, checking that the proposed rate remains below the current usury threshold avoids an unpleasant surprise during the processing of the application. Data on current thresholds are published by the Banque de France and updated quarterly.
