Category Archives: payday loan advances

Payday lender money Genie to cover 20m payment

By Kevin Peach ey Personal finance reporter

Payday loan provider money Genie faces a 20m settlement bill after recharging clients 50 to move them to your company’s commercial collection agency business.

It was certainly one of a group of “unfair” costs and interest levies imposed by the company after it established in ’09, the Financial Conduct Authority (FCA) stated.

Money Genie has agreed utilizing the regulator to cover compensation to a lot more than 92,000 clients.

The lending company, owned by Ariste Holding, stated no one had been open to comment.

The organization has posted information on the redress scheme on its site.

Unauthorised re payments

The regulator, the FCA, said that “serious failings” because of the loan provider included:

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