Consumer protection /

Loan companies to pay over pln 1.65 million in fines in Poland

Polish Authority of Competition and Consumers Protection (pl. UOKiK) imposed a fines amounting to 1,65 million PLN on two loan entities. The main reason was application of unfair market practices by them. Both companies mislead their customers in advertising of financial products, which they offered.

UOKiK claims that the advertisements presented by the punished loan entities significantly differ from the reality. The main charges in favor for imposing fines were:

  • lack of information in presented advertisements with regard to all conditions necessary to obtain preferential loan,
  • understated annual percentage rate of loan (741.82% while in fact it was 2333.95%),
  • incorrect amounts of interests charged,
  • lack of information about loan intermediaries (one of punished entities offered loans as an intermediary).

Both punished companies have challenged the decision.

For more information contact us on [email protected]

Author team leader DKP Legal Piotr Putyra
Contact our expert
Write an inquiry: [email protected]
check full info of team member: Piotr Putyra

Contact us

Młyńska 16
61-730 Poznań
+48 61 853 56 48[email protected]
Rondo ONZ 1
00-124 Warsaw
+48 22 300 16 74[email protected]
Swobodna 1
50-088 Wrocław
+48 61 853 56 48[email protected]
Opolska 110
31-355 Kraków
+48 61 853 56 48[email protected]
Jana Sobieskiego 2/3
65-071 Zielona Góra
+48 61 853 56 48[email protected]