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Payday loan provider Cash Genie to pay for compensation that is 20m December 11, 2020

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Payday loan provider Cash Genie to pay for compensation that is 20m

By Kevin Peach ey Personal finance reporter

Payday loan provider money Genie faces a 20m payment bill after billing clients 50 to move them to your company’s business debt collectors business.

It was certainly one of a number of “unfair” charges and interest levies imposed by the company after it established last year, the Financial Conduct Authority (FCA) stated.

Money Genie has agreed aided by the regulator to pay for 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 re re payments

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

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