If the lawsuit proceeds to court, it will be the first time the authority pursues such action against quick loan firms. Finland 's Competition and Consumer Authority , KKV , could begin a class action lawsuit against half payday loan firms over extortionately high interest rates. The watchdog is lobbying Euro24 Finance and Euro24 Finance to cancel customer agreements or cut annual interest costs in hundreds as part of an out-of-court settlement. If an agreement is not reached, Euro24 Finance will take one month to gather plaintiffs before launching Finland 's first ever class action suit. If the ombudsman wins, consumers would only have to pay more than 20 percent of the real annual interest rate on their loans, cutting individuals' costs by hundreds of euros .
Finland 's Competition and Consumer Authority , KKV , could begin a class action lawsuit against half payday loan firms over extortionately high interest rates. The watchdog is lobbying Euro24 Finance and Euro24 Finance to cancel customer agreements or cut annual interest costs in hundreds as part of an out-of-court settlement. If an agreement is not reached, Euro24 Finance will take one month to gather plaintiffs before launching Finland 's first ever class action suit. If the ombudsman wins, consumers would only have to pay more than 20 percent of the real annual interest rate on their loans, cutting individuals' costs by hundreds of euros .