Cash Genie: Payday lender forced to hand customers cash back
Payday lender Cash Genie was so bad, it's been forced to write off charges and pay people back – this is what it did and how to ensure you get your cash
The payday firm actually giving money back
It's not every day you see it, but payday loan firm Cash Genie has actually admitted it “charged fees and interest that was unfair”.
“We have accepted that we did not always meet appropriate regulatory standards and that this caused detriment for many of our customers,” a statement on the lender's website reads.
As a result some 92,000 people are getting money back or their loans reduced (or potentially both).
What they did wrong
The payday firm that said it was in the wrong
not entirely surprising that Cash Genie was forced to give people their money back when you find out what they did. Here's a brief summary:
- Cash Genie charged £50 to transfer customers to its own debt collection firm, Carter Forbes, even though it cost them nothing
- Loans were rolled over or refinanced without customers requesting it or giving their consent and without checking customers’ situation
- Ariste Holding Limited – which owned Cash Genie – also owned www.txtmecash.co.uk and www.paydayiseveryday.co.uk. They used bank details people gave those sites to take payments for Cash Genie loans without customers’ informed consent
- In a lot of cases customers were encouraged to apply to these websites for loans and give their banking details under the false pretence that the loan had been pre-approved
Category: Payday loans