Loan Rolling Practices Fined by UOKiK
UOKiK fined seven lenders and credit intermediaries over 10 million PLN for offering new loans to repay existing debts, leading to excessive costs for borrowers.
20.02.2024 | Polish competition authority
The President of UOKiK imposed fines on companies engaging in loan rolling practices, where new loans were offered to repay existing debts, resulting in high costs for consumers. This action was taken following consumer complaints, highlighting the importance of complying with regulations to avoid fines and protect consumers from unfair practices. The decisions serve as a warning to businesses in the lending and credit intermediary sectors to adhere to competition and consumer protection laws.