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Payday loan provider money Genie to cover compensation that is 20m

Payday loan provider money Genie to cover compensation that is 20m

By Kevin Peach ey Personal finance reporter

Payday loan provider money Genie faces a 20m settlement bill after charging you clients 50 to move them towards the company’s company collection agencies business.

This is certainly one of a number of “unfair” costs and interest levies imposed because of the company after it established last year, the Financial Conduct Authority (FCA) stated.

Money Genie has now agreed using the regulator to cover compensation to significantly more than 92,000 clients.