Holiday now, pay later? How much an instalment loan for your holiday costs, what rights you have, and what will change from 20 November 2026.
This page has been automatically translated from German. The German version is the authoritative one: Deutsch
Warning! Borrowing money costs money.
In short
- Taking out a loan makes the trip more expensive than if you were to pay for it in cash. Always compare offers based on the annual percentage rate (1).
- You can usually withdraw from consumer credit agreements within 14 days (2).
- You may repay an instalment loan early, in full or in part, at any time (2).
- From 20 November 2026, new rules will apply to consumer credit, including many ‘buy now, pay later’ schemes (3, 4).
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What you should bear in mind
- Only the annual percentage rate (APR) is a meaningful indicator. Check for any additional costs that are not included in this figure (1).
- Only compare offers with the same term, and don’t be misled by low monthly payments (1).
- A longer term often reduces the instalment amount, but makes the financing more expensive (1).
- The instalment should remain affordable throughout the entire term – even if your income falls (1).
- Check whether you really need payment protection insurance. The premium is usually included in the loan, which means interest is also charged on it (1).
- An overdraft is usually considerably more expensive than an instalment loan (1).
Your rights
In principle, you may withdraw from consumer credit agreements within 14 days. This also applies to 0 per cent finance for amounts of 200 euros or more. You may repay an instalment loan early at any time. The bank may charge a maximum of 1 per cent of the amount repaid early; if the remaining term is one year or less, the charge is capped at 0.5 per cent (2).
What changes from 20 November 2026
The Act implementing the EU Consumer Credit Directive was published in the Federal Law Gazette on 18 May 2026 (3). From 20 November 2026, the rules on consumer credit will also apply to interest-free short-term loans, small amounts under 200 euros and many ‘buy now, pay later’ schemes. Credit checks will become stricter, and credit advertising must clearly highlight the costs involved (4).
Please note: This page provides general information only and is not a substitute for financial or legal advice. We do not recommend any specific provider nor do we arrange loans. If you are experiencing financial difficulties, debt advice services – such as those run by consumer advice centres – can help.
Sources
- Verbraucherzentrale: Kredite und Darlehen: Auch beim Geldleihen lässt sich sparen (as at 28 January 2022; accessed on 11 October 2026)
- Verbraucherzentrale: Kreditverträge: Diese Rechte haben Sie als Kreditnehmer (as at 19 March 2025; accessed on 11 October 2026)
- Bundesgesetzblatt: Gesetz zur Umsetzung der Richtlinie (EU) 2023/2225 über Verbraucherkreditverträge, BGBl. 2026 I Nr. 139 (published on 18 May 2026; accessed on 11 October 2026)
- IHK Osnabrück: Gesetz zur Umsetzung der Verbraucherkreditrichtlinie beschlossen (accessed on 11 October 2026)