The Market Court found that Bondora AS, the Finnish branch, violated the prohibition imposed on it regarding unlawfully charged credit costs. Bondora was ordered to pay a fine of 100,000 euros that was set as a threat of the prohibition. Those Bondora customers whose credit relationships have been handled unlawfully are entitled to reimbursement for the credit costs they have paid. The Consumer Ombudsman urges them to file complaints with Bondora.
In September 2023, the Market Court prohibited Bondora from continuing the practice of charging a cost designated as credit interest on the original loan amount rather than the remaining principal. The Market Court determined that due to Bondora’s interest, the cost charged as credit interest exceeded the maximum interest rate defined in the Consumer Protection Act.
In its ruling in January 2025, the Market Court found that Bondora continued the prohibited practice by continuing to charge credit interest in existing credit relationships where interest had previously been unlawfully charged. The Market Court ordered Bondora to pay a fine of 100,000 euros and increased the amount of the fine to 400,000 euros in the future.
The Market Court stated in its ruling that Bondora has benefited from its unlawful practices, that is the collection of unlawful credit costs from consumers, by at least 940,000 euros. Additionally, in its decision in October 2024, the Supreme Court determined that the costs of Bondora’s B On Track, B Secure, and B Secure + services are credit costs that must be considered as part of the total cost of the credit. If consumers have used these services, it is likely that price regulation has been violated in their credit relationships.
If Bondora has acted unlawfully in the credit relationship as deemed by the Market Court and the Supreme Court, the consumer is not obligated to repay Bondora anything other than the principal amount of the loan.
”The consumers right to reimbursement has been clear for some time, and the Market Court's decision once again confirmed our view of the requirements of the law. We urge consumers to file complaints with Bondora to receive full reimbursement for unlawfully charged credit costs.”
This is how consumers can claim reimbursement from Bondora.
Consumers can make a written complaint to be sent to Bondora using the KKV complaint assistant. The assistant guides consumers in drafting a complaint about unlawfully charged credit costs based on the consumer’s own situation.
- Reimbursement can be claimed by consumers who have entered into a credit agreement with Bondora between September 1, 2019, and November 10, 2021.
- Additionally, reimbursement can be claimed by consumers who have paid costs for B On Track, B Secure, or B Secure + services that exceed the maximum amount of other credit costs.
- Reimbursement can also be claimed by consumers who have previously complained and received a partial refund from Bondora.
- The credit can be currently active or fully repaid. The credit can also be terminated but not in legal collection.
Based on the final decisions of the Market Court and the Supreme Court, consumers are entitled to receive back all credit costs they have paid, which include the credit interest,the contract and management fees, as well as the costs of B On Track, B Secure, and B Secure + services.
For more detailed information on the conditions for reimbursement and how to make a complaint: Link to the complaint assistant.
Two new prohibitions for Bondora
In its ruling in January 2025, the Market Court also found that Bondora had not complied with the sanctions imposed for violating price regulation under consumer protection law and imposed the prohibitions requested by the Consumer Ombudsman on the company. The Market Court prohibited Bondora that in credit relationships deemed unlawful it can not continue to charge credit costs and it can not retain unlawfully charged credit costs.
Therefore, Bondora must cease charging credit costs from consumers with whom it still has an active credit agreement that included unlawful practices. Bondora is also not entitled to retain unlawfully paid credit costs from consumers, but the company must return these costs to consumers seeking reimbursement.
”The Market Court's decision is a significant indication that the Consumer Ombudsman can seek a prohibition on practices that prevent consumers from accessing their rights under the law.”
The Market Court’s prohibitions must be complied with immediately. The Market Court’s ruling of January 3, 2025, is not final.
Read more
3.1.2025 Market Court ruling MAO:5/2025 (in Finnish)