Finland 's Competition and Consumer Authority , KKV , could begin a class action lawsuit against two payday loan firms over extortionately high interest rates . The watchdog is asking JW - Yhtiot and Euro24 Finance to cancel customer agreements or cut annual loan costs in half as part of an out - of - court settlement . The consumer ombudsman can take the matter to court on behalf of customers if enough of them indicate that they are dissatisfied with the terms of their agreements and would like to change them. If an agreement is not reached , KKV 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 up to 50 % 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 two payday loan firms over extortionately high interest rates . The watchdog is asking JW - Yhtiot and Euro24 Finance to cancel customer agreements or cut annual loan costs in half as part of an out - of - court settlement . If an agreement is not reached , KKV 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 up to 50 % of the real annual interest rate on their loans , cutting individuals ' costs by hundreds of euros .