The credit market in France is undergoing a dense regulatory phase. Between a consumer credit reform that comes into effect on November 20, 2026, unchanged HCSF standards on real estate, and outstanding loans that remain at high levels, recent data paints a contrasting landscape depending on the type of financing.
Credit in France: a market under pressure between rate stability and strengthened regulatory framework
The personal credit market in France continues to be marked by a considerable volume of outstanding loans, driven by both real estate credit and consumer credit. The monthly production of housing loans has been stabilizing since the beginning of 2025, without notable acceleration.
The average rates of new real estate loans have begun to decline from the highest levels observed in early 2024, but they remain significantly higher than those before 2022. This situation maintains a form of selectivity in access to financing, particularly for first-time buyers whose effort rate quickly approaches the regulatory ceiling.
On the consumer credit side, outstanding loans remain well-oriented. The dynamics are supported by the diversification of distribution channels, particularly online installment payments, whose regulatory framework constitutes one of the major upcoming changes.
The news from the site credit-infos.fr regularly compiles these indicators to track month-by-month developments.
Consumer credit reform on November 20, 2026: what changes concretely
Ordinance No. 2025-880 of September 3, 2025, supplemented by Decree No. 2026-719 of August 1, 2026, redefines the scope of consumer credit. The text comes into effect on November 20, 2026.
Expansion of the scope
Several financial products that were previously partially or totally excluded from the protective regime will be integrated. The reform concerns:
- Mini-loans of less than 200 euros, which until now were exempt from complete pre-contractual information obligations
- Installment or deferred payments (buy now pay later), now subject to the same rules as traditional loans
- Loans whose amount can reach 100,000 euros, compared to a lower ceiling previously
- Certain leases with an option to purchase (LOA), which fall under the scope of consumer credit
This change in scope has a direct impact on fintechs specializing in installment payments. These companies will have to comply with solvency verification and information obligations that they did not all bear until now.
Traceability of solvency assessment
Decree No. 2026-719 of August 1, 2026, imposes a lasting operational obligation: each solvency assessment must be documented and retained. The lender can no longer settle for a cursory verification. This traceability constitutes a change in doctrine, as it transforms the solvency assessment into an opposable piece in case of dispute.
New obligations for brokers and intermediaries
Credit intermediaries see their responsibility expanded by the reform. Four key areas emerge:
- A legal duty to warn, formalizing what jurisprudence already partially imposed
- Strengthened general information obligations before the contract is signed
- Stricter competency requirements for staff in contact with borrowers
- The opening of a regulated advisory service in consumer credit, which distinguishes personalized recommendations from simple intermediation
This aspect holds the entire distribution chain accountable, not just the lending institution.
Real estate credit: why HCSF standards remain locked
The High Council for Financial Stability maintains two parameters that structure access to real estate credit in France: an effort rate capped at 35% of income and a maximum loan duration of 25 years.
A proposal to relax these rules was reportedly withdrawn at the end of April 2026, according to several industry sources. The HCSF believes that these safeguards protect households against over-indebtedness in a context where rates remain above their levels before 2022.
The monthly production of housing loans shows signs of stabilization since the beginning of 2025. The real estate market is not experiencing a clear recovery, but it is no longer contracting either. This plateau phase reflects a fragile balance between rates that have stopped rising and real estate prices that are slow to adjust in many urban areas.
Installment payments and fintech: the sector facing compliance
The integration of installment payments into the consumer credit regime represents a turning point for industry players. Until now, offering payment in three or four installments without fees did not systematically trigger the obligations related to credit.
As of November 20, 2026, companies offering these services will have to apply the same procedures as traditional credit institutions: documented solvency verification, standardized pre-contractual information, right of withdrawal.
For fintechs and payment platforms, the compliance burden significantly increases. Business models based on speed of granting and lightness of the process will need to incorporate additional steps. Some players may choose to limit their offerings to the lowest amounts or to partner with banks that already have the regulatory infrastructure.
The credit market in France is being reconfigured around two parallel dynamics. Real estate credit remains governed by stable standards, with production that is not taking off significantly. Consumer credit, on the other hand, is absorbing a major regulatory shock that redefines its boundaries. The date of November 20, 2026, will mark the true test of this new architecture.
