Administrative fine for pay day loan provider day that is beautiful

(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 offered customers the chance to borrow cash quickly against high expenses through the sites www. time and www. Gorgeous advertised that no costs were charged for the loan day. In fact, customers had to spend extremely costs that are high.


Gorgeous Day demanded a warranty to allow customers to be eligible for 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 a €250 loan for 25 times were €55. This boils down to €803 on a yearly basis (fairly 321.2%). GCDMS paid a large add up to stunning time for those solutions every month. The GCDMS guarantee consequently types an element of the Day revenue that is beautiful model.

It is often unlawful since 25 May 2011 to provide spend day loans lacking any AFM licence. Gorgeous is not exempted from this licence requirement day.

Severe infringement

It involves an infringement that is serious. Gorgeous Day took benefit of a team of susceptible customers who had been struggling to sign up for an even more loan that is favourable a regular way, as an example when you are overdrawn on the repayment account or simply by using credit cards. This included the chance why these customers became increasingly further hidden with debt.


Providers of pay loans require a licence if they charge more than minor costs day. If it is the situation they’re not permitted to charge prices that exceed the most statutory rate of interest of 15%.

A licence provides extra security to customers. Prior to the AFM funds a licence, it checks, inter alia, whether a business complies using the needs of properness, expertise and integrity. More over, 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 just take care that is great the supply of solutions to customers.

Number of the fine

A fundamental level of €2,000,000 relates because of this variety of infringement. The amount that is basic be increased or reduced according to whether or not the seriousness or timeframe regarding the infringement or even the amount of culpability give explanation to do this. The AFM considers it appropriate to increase the basic amount by 25% on the basis of the seriousness of the infringement and to increase it by 25% on the basis of culpability in the present case.

Whenever determining the fine, the AFM additionally takes into consideration the capacity that is financial of offender. In today’s instance, the monetary capability of gorgeous time comprises the main reason to create the fine at €300,000.

Interested events can submit the AFM’s judgment within the choice towards the courts for review.

The AFM is dedicated to advertising reasonable and clear monetary areas.

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

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