Dollar Financial Group Global Corporation (DFG) is a US-based financial services group with over 1000 locations in seven countries. It focusses on low-income or bad-credit consumers, providing short term loans (payday loans), pawnbroking and gold buying services. DFG's brands include Money Mart (Canada and U.S.), The Money Shop (UK and Ireland), The Check Cashing Store (Florida, U.S.), Loan Mart, Insta-Cheques, and We The People. The group acquired high-end pawnbrokers Suttons & Robertsons in 2010.
In 2009 DFG was the largest provider of payday loans in the United Kingdom, with around a quarter of the market. In February 2011 DFG additionally acquired the largest British internet payday lender, Month End Money (MEM) (including the brand PaydayUK) for $195m, and suggested The Money Shop's network could grow from around 350 shops to around 1200.
The company was previously known as "Monetary Management Corporation", changing its name in 1990.
The company was purchased by private equity fund manager Lone Star Funds in 2014.
Video Dollar Financial Group
Regulatory action
In 2013, the United States Consumer Financial Protection Bureau issued a consent order against a subsidiary for making false statements about auto loans to soldiers and veterans. The company was required to refund $3.3 million to servicemembers. In June 2015, a year after its acquisition by Lone Star Funds, the company announced that it would wind down the program and cease taking on new customers.
In October 2015, the UK Financial Conduct Authority ordered an affiliate to refund £15.4 million to 147,000 customers after finding that the company was lending more to borrowers than they could afford to repay.
Maps Dollar Financial Group
References
External links
- Company website
Source of the article : Wikipedia
0 Comments