The credit market in France is entering a phase of regulatory transformation rarely seen before. With the overhaul of consumer credit scheduled for November 2026, adjustments to usury rates, and the maintenance of HCSF rules, the parameters to monitor are multiplying. What indicators truly distinguish this period from previous ones, and which credit segments are the most affected?
Consumer Credit: Regulatory Scope Before and After November 2026
Ordinance No. 2025-880 of September 3, 2025, which transposes European Directive 2023/2225, redraws the boundaries of consumer credit. The table below compares the products covered before and after the expected entry into force on November 20, 2026.
| Financial Product | Before November 2026 | From November 20, 2026 |
|---|---|---|
| Installment Payments (BNPL) | Outside regulated scope | Included in consumer credit regime |
| Mini-loans (duration less than 3 months) | Excluded or partially covered | Subject to solvency obligations |
| Lease with Option to Buy (LOA) | Specific regime, limited protections | Linked to consumer credit |
| Loans between 75,000 and 100,000 euros | Part of real estate credit or outside scope | Included in consumer credit |
| Home Improvement Loans (repairs, upgrades) | Hybrid regime depending on amount | Legally aligned with consumer credit |
This table reveals a massive expansion. Installment payments, which have developed without a strict protective framework, will now fall under the same obligations as traditional credits. Lenders marketing BNPL will now have to document the solvency assessment of each borrower.
Following the news on credit-infos.fr allows for measuring, month by month, the concrete impact of these changes on available offers.
Solvency Obligations and FICP Registration: What the 2026 Decree Changes
Decree No. 2026-719 of August 1, 2026, strengthens the requirements on lenders and credit intermediaries. Three structural changes stand out.
- Mandatory Document Retention: every element used to assess a borrower’s solvency must be archived and traceable, requiring banks to review their internal data management processes.
- Expanded consultation of the national repayment incident file (FICP): the scope of credits for which this consultation becomes mandatory now includes mini-loans and installment payments, two segments previously exempt.
- Free and personalized warning: when a contract presents specific risks regarding the borrower’s financial situation, the lender must inform them at no cost, with documented justification.
These provisions aim to reduce the risk of over-indebtedness on products often perceived as harmless by consumers. For example, payment in three installments without fees will no longer receive lenient treatment in terms of risk assessment.
Impact on Credit Intermediaries
The easing of the regulatory framework for ancillary intermediaries, announced by Bercy, does not compensate for the overall tightening. Brokers will need to adapt their advisory and compliance tools to incorporate the new categories of regulated products.
Usury Rates as of October 1, 2026: Ceilings and Room for Maneuver
Usury rates set the legal ceiling beyond which a lender cannot grant credit. Their quarterly evolution directly conditions the borrowing capacity of households and the profitability of banks.
As of October 1, 2026, the legal ceilings for real estate credit have been updated. Usury rates remain the primary filter for access to credit for low-income profiles or older borrowers, whose insurance increases the total cost.
Real Estate Credit Rates: Stability Before Likely Rise
Real estate credit rates remained stable during the summer of 2026. However, several analysts in the banking sector anticipate a rise starting mid-September, which could alter households’ choices between buying and renting.
A difference of a few tenths of a point in the nominal rate significantly changes the total cost of a loan over twenty years. Borrowers finalizing a file right now should lock in their rate quickly if their bank allows it.
HCSF Rules on Borrowing Capacity: Confirmation of Maintenance in 2026
The High Council for Financial Stability (HCSF) has confirmed the maintenance of its granting rules. The maximum effort rate remains set at 35% of net income, including borrower insurance. The maximum loan duration remains at 25 years (27 years for new builds with deferral).
This maintenance means that banks do not have additional room to relax their criteria. The share of files that can deviate from these rules remains limited to a quota defined by the HCSF, primarily reserved for first-time buyers.
Direct Consequence on Financing Renovations
The legal alignment between home improvement loans and consumer credit, combined with HCSF rules, creates an unprecedented situation. A household already indebted up to the 35% ceiling will have more difficulty financing energy renovation work through an additional loan. The combination of real estate credit and home improvement loan must respect the overall effort rate, without exception.
This constraint may hinder renovation projects, even as public incentives push homeowners to improve the energy performance of their homes. The banking sector will likely need to offer tailored financial arrangements to reconcile these two objectives.
The convergence of the consumer credit reform, the updating of usury rates, and the strict maintenance of HCSF rules outlines a landscape where every borrowing decision requires more careful analysis than before. The most affected segment remains those products previously little regulated, with installment payments at the forefront, which will fall under a control regime comparable to traditional credits starting November 20, 2026.
