Administrative fine for cash advance provider breathtaking time

Administrative fine for cash advance provider breathtaking time

(1) The AFM has announced the objection unfounded, while supplementing its reasons.

(2) The The District Court of Rotterdam declared the objection ended up being unfounded.

Gorgeous time offered consumers the chance to borrow cash quickly against high expenses through the websites www. and www. Stunning advertised that no costs were charged for the loan day. In reality, consumers needed to spend really costs that are high.


Stunning Day demanded an assurance to ensure that customers to be eligible for a that loan. Day consumers could only receive a loan quickly and easily if they opted for a paid guarantee from Global Credit and Debt Management Services Limited (GCDMS), which is a party recommended by Beautiful. The expenses of the €250 loan for 25 times had been €55. This boils down to €803 for a basis that is annualfairly 321.2%). GCDMS paid a substantial add up to breathtaking time of these solutions every month. The GCDMS guarantee consequently types area of the gorgeous Day income model.

It has been unlawful since 25 May 2011 to offer spend loans without an AFM licence day. Breathtaking is not exempted from this licence requirement day.

Severe infringement

It involves an infringement that is serious. Stunning Day took advantageous asset of a team of susceptible customers who have been struggling to remove a far more loan that is favourable a regular way, for instance when you are overdrawn to their re repayment account or simply by using credit cards. This included the chance why these consumers became increasingly further hidden with debt.


Providers of pay loans require a licence if they charge more than minor costs day. If that is the instance they’re not allowed to charge prices that exceed the maximum interest that is statutory of 15%.

A licence provides protection that is additional customers. A licence, it checks, inter alia, whether a company complies with the requirements of properness, expertise and integrity before the AFM grants. More over, an ongoing business that holds a licence must adhere to the alleged constant guidelines of conduct. These guidelines concern, on top of other things, the obligation to simply simply take care that is great the supply of solutions to customers.

Number of the fine

A amount that is basic of pertains with this style of infringement. The amount that is basic be increased or reduced dependent on if the severity or extent associated with infringement or even the level of culpability give reason to do this. In today’s situation, the AFM considers it appropriate to improve the fundamental quantity by 25% in line with the severity associated with infringement also to increase it by 25% based on culpability.

Whenever determining the fine, the AFM additionally takes under consideration the monetary ability associated with offender. The financial capacity of Beautiful Day constitutes the reason to set the fine at €300,000 in the present case.

Interested parties can submit the AFM’s judgment within the decision towards the courts for review.

The AFM is devoted to advertising reasonable and clear economic areas.

As a market that is independent authority, we donate to a sustainable economic climate and success into the Netherlands.

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Acerca de Alberto del Rey Poveda

Investigador Titular del Instituto de Iberoamérica. Grupo de Investigación Multidisciplinar sobre Migraciones en América Latina [GIMMAL]. Profesor del Departamento de Sociología y Comunicación de la Universidad de Salamanca.
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