Late Repayment Warning

Cash Genie

APR (%) Rate: 2030% View APR Example Cash Genie APR Example
- Borrow £210 for 81 days
- Transfer fee £15.00
- Repay £133 per month
- Total interest £204
- Total repayment £399
Representative 2030% APR.

First Loan Amount: £75 - £500
Typical Interest Charges per 30 days: £30 per £100 borrowed
Additional Charges/Fees: Same day transfer fee
Credit Check Required?: Yes / Bad Credit OK
Debit / Bank Required?: Yes
Any Calls or Fax?: None
First Loan Issued In: 24 hours
Maximum Loan Duration: 3 MONTHS



About Cash Genie

Cash Genie is owned by Ariste Holding LTD, allowing them to be a private payday loan company that's not controlled by banks or investors. Their main purpose is to deliver a high standard service with immediate lending to those in need.


Criteria

You must be 18+
You must have a UK bank and debit card
Be in employment and earn over £500 per month
All credit histories welcome to apply


Cash Genie Review Summary

Cash Genie is based in London and offers quick and easy loans, from £75 to £750 for up to 31 days.
To get a loan, all you have to do is fill in their easy 5 minutes application form, the whole process is online, and you will not have to make any phone calls or fax any documents. If approved before 3pm, you could have the cash in your account today, and if not, it will be transferred on the following day. Cash Genie have a strict lending policy and will only lend to you if you earn over £500 per month that is deposited into a UK bank, with an active debit card.
Tip: RPL recommend you opt for the next day free option if you are able to do so, as this will lower the repayment costs. They aim to give you an instant decision at the end of the application so that you will know instantly if you have been accepted. They charge £30 per £100 borrowed based on a period of 30 days, including a same day transfer fee.
This is quite a high price, an there are many other options that are cheaper and don't charge for a same day transfer. They has a great support team that is available by phone, email, and text message!



Contact:
Cash Genie, Dalton House, 60 Windsor Avenue, London, SW19 2RR
Visit their website for their SMS support number


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  1. Mark says:

    As many consumers of payday loans may find, the service they receive from a payday loan company is not what they had expected.

    Cash Genie is a payday loan company that I have used myself in the past and the difference I found in getting the service I should be getting is understanding what I am “binding” myself into.

    I have heard many stories from friends and online reviews of cases where Cash Genie have “stolen” their money or they shouldn’t have taken money as they did not authorize transactions.
    In my opinion payday loans have a very bad misconception partially due to consumers not understanding the product they are using. Of course there are those lenders that are irresponsible however with Cash Genie from my experience it did not seem this was the case.

    When taking out a payday loan the checks that are commonly carried out are, affordability assessment (this is not a credit check), this affordability assessment merely assess that you are able to afford the mandatory interest rate which is 30% a month and the capital borrowed.

    Employment check, this check is very basic to my understanding whereby they will call your employer and simply ask to speak to you. If the response indicates that you are an employee there, the check is complete. During this call Cash Genie do not disclose any information on the nature of the call. I believe they also carry out a small check on the actual company that you work for to verify validity through websites such as Google and Companies House or similar sites.

    A bank check is carried out which is expected, to verify the account they will be depositing into is in fact yours or not.
    An internal check may be carried out to see if you have had any previous loans with them and what your history was with that loan, i.e. did you default, miss payment etc. A previous default with Cash Genie depending on how long ago may affect the application for a new loan.

    Before any loan is deposited, the loan agreement otherwise known as a Consumer Credit Agreement (CCA) legally must be signed by you. This is an important part of using a payday loan which many people fail to understand. The CCA is the legally binding contract or terms between you the consumer and the lender Cash Genie. I would strongly advise that you read through the CCA thoroughly to understand the exact process of the loan right from when it is deposited to you to when you are due to repay and the process of collections and costs associated to defaulting.

    Having read through the CCA myself the key points of the agreement are, Continues Payment Authority (CPA) this is you the consumer giving Cash Genie authorization to continuously attempt or debit any amount due or outstanding as frequently and in any denomination as they wish. I have read many forums where people have had many odd amounts and many individual transactions taken. The CPA explains the reason behind this process of collection. This also explains that when funds have been collected from your account without your prior knowledge, Cash Genie have acted lawfully and within the agreement of the loan.

    Another key part of the CCA which many people fail to understand is, when you are due to repay for example on the 1st, Cash Genie will only collect the interest amount and defer your loan for a further month to your following months paydate. It is the responsibility of the customer to inform Cash Genie to collect the full amount, before the due date or on the due date at the latest.
    As a result of many people not understanding this process, consumers are continuously making interest only payments each month and then assume that they are paying the loan back monthly. If this was the case of paying it back monthly it defeats the purpose of a short term payday loan. After a few months you may start to think why am I still paying this loan? It surely should have been paid back by now? You then stop making payments. You then receive a call, from Cash Genie to discover that you still have a large balance of at least the capital and 1 months interest with a few additional charges.
    This process of collection is explained in the phone call with Cash Genie before they actually deposit the funds to you.

    Within the CCA it states that they may also pass the loan on to a third party if your loan falls into arrears. Typically Cash Genie will pass over your loan to a 3rd party after 3 or 4 months of defaulting with no arrangement in place.

    Cash Genie is a trading name of Ariste Holdings, which is included in the CCA and states if you apply for a new loan with Ariste Holdings and have an outstanding loan with any of its trade names then you authorize any outstanding loan to be settled before any new loan is processed.
    What this means is if you have a loan outstanding do not be surprised to see your money disappear if you reapply with any of their other trade names as you are authorizing these transactions way in advance.

    Cash Genie do offer repayment plans if you are financially struggling and they do freeze the balance. It is important to remember that if you fail your payment arrangement they will take or at least attempt to debit the full outstanding balance! They do explain this when a payment arrangement is made. This is also in accordance with their CPA.

    Now when signing your loan agreement, this is done electronically online whereby you simply tick a box or a number of boxes to acknowledge the agreement. An electronically signed document legally carries the same weight as a traditional hand written signature. This law was implemented in the year 2000. An electronic signature is also known as “E-Sign”.

    *************
    My advice would be if you use a payday loan correctly and in accordance with its CCA you will find it can be very helpful at times when you are short for cash! I would also advise to settle your loan in the first month and not to defer your loan if can be helped as you may find yourself going into a downward spiral! If in financial difficulty tell them and enter into a payment plan!

    With my experience I found that the loan did help me when I was short of cash for the month. The actual deposit was relatively quick which could have been a bit quicker.
    They collected on my due date for the full amount as requested with no problems.

    I thought it would be useful to share this information with you guys to try and make you aware of the consequences of taking out a payday loan without undertstanding it fully.
    I hope this does not put you off payday loans in any way but makes you more aware of how it works and how to use a payday loan.

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