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TMCNet:  Payday lender to refund Pounds 700,000 [Western Morning News (England)]

[July 15, 2014]

Payday lender to refund Pounds 700,000 [Western Morning News (England)]

(Western Morning News (England) Via Acquire Media NewsEdge) Payday lender The Money Shop is to refund more than Pounds 700,000 to borrowers who received loans that exceeded the firm's lending criteria. The Money Shop's owner Dollar failed to ensure that proper checks took place to ensure that borrowers did not take on more than they could afford to pay back. After the Office of Fair Trading raised concerns about Dollar's lending decisions in February, the firm has agreed to refund more than Pounds 700,000 in interest and default charges to 6,247 The Money Shop customers.


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