Administrative fine for cash advance provider stunning time

Administrative fine for cash advance provider stunning time

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

(2) The The District Court of Rotterdam declared the objection was unfounded.

Stunning time offered consumers the opportunity to borrow cash quickly against high expenses through the websites www. and www. Breathtaking advertised that no costs were charged for the loan day. In fact, consumers had to pay extremely costs that are high.


Breathtaking Day demanded an assurance to ensure that customers to be eligible for a 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 had been €55. This boils down to €803 on a yearly foundation (fairly 321.2%). GCDMS paid a considerable add up to gorgeous time of these solutions every month. The GCDMS guarantee consequently types area of the gorgeous Day income model.

It is often unlawful since 25 May 2011 to provide spend loans without an AFM licence day. Gorgeous is not exempted from this licence requirement day.

Severe infringement

It involves a severe infringement. Stunning Day took benefit of a team of susceptible customers who had been unable to sign up for an even more favourable loan in a regular way, as an example when you’re overdrawn on their re repayment account or by making use of credit cards. This involved the chance why these customers became increasingly further hidden in debt.


Providers of pay time loans need a licence when they charge a lot more than minor expenses. If it could be the situation they’re not permitted to charge rates that exceed the most statutory rate of interest of 15%.

A licence provides extra security to customers. A licence, it checks, inter alia, whether a company complies with the requirements of properness, expertise and integrity before the AFM grants. Furthermore, business that holds a licence must adhere to the alleged constant guidelines of conduct. These guidelines concern, on top of other things, the responsibility to just just take great care in the supply of solutions to customers.

Quantity of the fine

A amount that is basic of relates with this style of infringement. The amount that is basic be increased or reduced according to perhaps the severity or length regarding the infringement or the level 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 under consideration the capacity that is financial of offender. The financial capacity of Beautiful Day constitutes the reason to set the fine at €300,000 in the present case.

Interested events can submit the AFM’s judgment included in the choice to your courts for review.

The AFM is focused on advertising reasonable and clear economic markets.

As a market that is independent authority, we play a role in a sustainable economic climate and prosperity when you look at the Netherlands.

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