In Romania, banks and non-bank financial institutions (IFN) offer personal loans, fast online credit, refinancing and loans arranged through credit brokers. Adverts often focus on speed and monthly instalments. The legal framework, however, gives consumers specific rights that are worth knowing before signing.
This guide summarises the main rules in English, based on Romanian law and official sources. We do not quote rates or conditions for any lender; always read the lender’s own documents, which will be in Romanian.
The legal framework
Consumer credit agreements in Romania are governed mainly by Emergency Ordinance no. 50/2010 (OUG 50/2010) on credit agreements for consumers, which transposes the EU Consumer Credit Directive. The consolidated text is published on the Romanian legislative portal.
DAE: the number to compare
The DAE (dobânda anuală efectivă) is the Romanian name for the annual percentage rate of charge. OUG 50/2010 sets out the formula used to calculate it, so it represents the total cost of credit as a yearly percentage. Use the DAE to compare offers of the same amount and term, and also compare:
- the total amount payable;
- the interest rate, and whether it is fixed or variable;
- fees, such as analysis or administration fees;
- the cost of any insurance, and whether it is mandatory.
Pre-contractual information
Before you sign, the lender must give you standard European consumer credit information, which lists the type of credit, the amount, the duration, the DAE, the instalments, the total amount payable, guarantees requested, whether a withdrawal right exists and your right to early repayment. Take it home and compare it with other offers.
Your right of withdrawal
Article 58 of OUG 50/2010 gives consumers 14 calendar days to withdraw from a credit agreement without giving any reason. If you withdraw after receiving the money, you must repay the amount borrowed plus interest accrued until repayment. Check the procedure and the address for the notice in your contract.
Early repayment and refinancing
OUG 50/2010 also gives a right to early repayment, in full or in part. In some cases the lender can request compensation, within legal limits, and the contract must explain how it would be calculated.
Refinancing means taking a new loan to repay one or more existing loans, ideally at a lower total cost. Before refinancing:
- Compare the total amount payable on your current loans with the new loan, including all fees.
- Check early repayment compensation on the old loans.
- Be careful: a lower instalment may come from a much longer term.
Credit brokers
Brokers can help compare offers, but they are not lenders. Ask who pays the broker, whether you pay any fee and which lenders they work with. Never pay a broker a fee before you understand the service and have a written agreement.
The Credit Bureau
Banks and many IFNs consult the Biroul de Credit (Credit Bureau) before lending. It holds information about your existing loans and payment history. Under EU data protection rules you have a right to access your data; check the Credit Bureau’s site for how to request your report and how to correct errors.
Check the lender with the BNR
The National Bank of Romania (BNR) supervises credit institutions and maintains registers and lists, including the register of non-bank financial institutions. Use them to confirm that a lender is authorised before applying.
Warning signs
- Requests to pay fees before the loan is disbursed.
- Approval “guaranteed” without any assessment.
- Contact only through messaging apps or social media.
- Companies that do not appear in BNR registers.
Official National Bank of Romania source. We are not a lender or broker.
New EU rules
The EU revised its consumer credit rules with Directive (EU) 2023/2225, which applies from 20 November 2026. Details depend on Romanian transposition, so check current official information before signing new agreements.
If you have trouble repaying
Contact your lender early to ask about rescheduling. Avoid taking new expensive credit to pay instalments. Keep copies of all correspondence.
Frequently asked questions
How long can I withdraw from a loan in Romania?
Article 58 of OUG 50/2010 provides 14 calendar days.
What is the difference between DAE and the interest rate?
DAE includes interest and other costs, making it better for comparing offers.
Can I repay early?
Yes. OUG 50/2010 gives a right to early repayment; compensation may apply in some cases.
Is an IFN the same as a bank?
No. IFNs are non-bank lenders listed in a separate BNR register.
Sources
- OUG 50/2010 – Legislative portal
- BNR – Registers and lists
- BNR – Register of non-bank financial institutions
- Biroul de Credit
- EUR-Lex – Directive (EU) 2023/2225
Related guides
- Personal Loans in Italy: TAEG, Your 14-Day Withdrawal Right and Where to Complain
- Consumer Loans in Japan: The Money Lending Business Act, the One-Third Rule and Interest Caps
- Personal Loans With Bad Credit or “No Credit Check”: Risks and Safer Options
- How to Compare Personal Loans: APR, Fees, Prequalification and Total Cost
- Debt Consolidation Loans: When They Help, When They Don’t and What to Check
Opportuly Careers is an independent guide. We are not a bank, lender or credit broker, we do not receive applications and this article is general information, not financial or legal advice.
