Crowdfunding credit services (peer to peer lending) in the light of the Proposal for a Directive of the European Parliament and of the Council on consumer credits
Crowdfunding credit services (peer to peer lending) in the light of the Proposal for a Directive of the European Parliament and of the Council on consumer credits

Author(s): Simona Heseková
Subject(s): Law, Constitution, Jurisprudence, Law on Economics, EU-Legislation, Commercial Law
Published by: Societatea de Stiinte Juridice si Administrative
Keywords: peer to peer lending; crowdfunding; consumer; lending;
Summary/Abstract: The paper identifies the most significant problems associated with the absence of regulation of peer to peer lending, where debtors are consumers. The paper evaluates identified problems from the perspective of the Proposal for a Directive of the European Parliament and of the Council on consumer credits released on June 30th, 2021. The paper considers mainly the selected aspects of draft regulation as: definitions, the legal regime of crowdfunding credit service providers, the assessment of consumer creditworthiness, information asymmetry and registration of crowdfunding credit service providers. The paper considers the selected issues from the point of view of European Union law and takes into account the specifics of the Slovak legislation due to the absence of studies focused on peer to peer lending at national levels. Based on this approach, the paper makes de lege ferenda proposals.

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