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Cash Genie is ripping off customers by charging them £20 to transfer the money they borrow into their bank account.
This charge simply cannot be justified and is being used as an excuse to get more money out of the customer. Most of the other lenders don’t see the need to charge their customers for a quick payout so we see no reason that Cash Genie should.
Quickquid don’t charge their customers to transfer the money and they will have it in your bank account within the hour – even at weekends. Payday Bank don’t charge for their same day transfer and neither does Wonga and they make the transfer in just 15 minutes!
Cash Genie charge interest at £30 per £100 borrowed for 31 days. So if you wanted to borrow £100 and you needed it today they would deduct the £20 transfer charge from your £100 and send you £80. You then have to repay them the full £100 plus the £30 interest giving a grand total with all charges of £150
£150 for a 31 day loan of £100 is the dearest payday loan in the UK we have found by some distance. To give you some perspective, the same loan over the same period with the following payday lenders will cost you:
Payday Bank pays you out the same day while the second two will have the money in your account within the hour. You can quickly compare payday loans by clicking here to see our comparison table and get an idea of just how bad the Cash Genie charges actually are.
Cash Genie also have additional charges should you fail to repay the loan on time. Just what you need if you find yourself in a financially tight corner come pay day.
You can apply to borrow from £75 up to £500 if you are over 18, a UK resident, in work, have a bank account and a debit card. They will not lend money to the self employed, anyone on sick leave or earning under £500 a month.
As already said, if you want your loan the same day you will have to pay £20 but if you are happy to wait 3 to 4 days there is no charge.
On your next payday or 31 days maximum the loan plus interest is automatically charged to your debit card. If the payment fails you will face additional costs.
We thought Pounds2Day was taking the piss for charging clients £15 to get their payday loan paid to them the same day but Cash Genie has outdone them with their £20 charge.
Of course you might be happy to wait 4 days for your money and so avoid the transfer fee but as most payday loans are taken out to avoid a bank overdraft or to pay a utility bill that is threatening to cut you off, it’s hard to imagine a situation where waiting wouldn’t be a problem.
There are much better payday lenders than Cash Genie out there and we suggest you take a look here to see how they all compare.
