Recital 45

(45) Despite the pre-contractual information to be provided, the consumer may still need additional assistance in order to decide which credit agreement, within the range of products proposed, is the most appropriate for his or her needs and financial situation. Therefore, Member States should ensure that before the conclusion of a credit agreement creditors and, where applicable, credit intermediaries provide such assistance in relation to the credit products which they offer to the consumer, by providing adequate explanations about the relevant information free of charge, including in particular the essential characteristics of the products proposed to the consumer in a personalised manner so that the consumer can understand the effects which they may have on his or her economic situation including legal and financial consequences that may result from improper performance of contractual obligations. Creditors and, where applicable, credit intermediaries should adapt the way in which such explanations are given to the circumstances in which the credit is offered and the consumer’s need for assistance, taking into account the consumer’s knowledge and experience of credit and the nature of individual credit products. Such explanations should not in themselves constitute a personal recommendation. Member States should be able to require creditors and, where applicable, credit intermediaries, to document in what form and when such explanations were provided to the consumer.

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Source: EUR-Lex CELLAR · retrieved 2026-07-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.