Recital 93

(93)The efficient functioning of this Directive needs to be reviewed, together with the progress on the establishment of an internal market with a high level of consumer protection for credit agreements. Every four years, the Commission should undertake an evaluation of this Directive to assess the upper threshold of EUR 100 000 laid down in this Directive and the percentages used to calculate the compensation payable in the event of early repayment, as well as an assessment of whether the scope of this Directive remains appropriate in relation to credit agreements which are secured by non-residential immovable property. That evaluation should also include an analysis of the evolution of the market for consumer credits that support the green transition and an assessment of the need for further measures to improve the uptake of such credits, as well as an assessment of the implementation of penalties imposed in accordance with this Directive and in particular of their effectiveness and deterrent effect. When evaluating this Directive, the Commission should analyse the economic trends in the Union and the situation in the market concerned, such as the emergence of new forms of financial services, digital trends, and volumes and trends of the cross-border provision of credits. It should also look at the efficiency of this Directive, including the costs and benefits it entails for businesses and consumers. Moreover, crowdfunding is increasingly a form of finance available to consumers, typically for small expenses or investments. Regulation (EU) 2020/1503 of the European Parliament and of the Council ²⁰ excludes from its scope crowdfunding services, including those facilitating the granting of credit, that are provided to consumers. The Commission should assess the need for further measures to protect consumers seeking to take out a credit or to invest through a provider of crowdfunding credit services.