Cash Genie Loans Info (Closed)

It was no surprise to see so many lenders shutting down in run-up to the FCA cap. When Cash Genie closed, this was no doubt one of the more surprising closures of the bunch. This had always been one of the most recognisable brands competing in the sector. The firm was created by Ariste Holding Ltd who were based in Ipswich and they staffed around 75 employees. There was however an acquisition by EZCorp in 2012 that painted the idea that they would continue to expand and manage to compete on a more equal footing with the market leaders. Cash Genie loans were originally set on the market back in 2009.

Ariste Holding did at one time also operate under the PaydayisEveryday and TxtMeCash brands. These were later closed so that they could focus on the central project run from www.cashgenieloans.co.uk (they originally traded from cashgenie.co.uk). Their newer website is still live since they have kept it running to collect final amounts from their existing customers through the member area. The reason for this closure would have primarily surrounded the price capping. They historically charged interest at 1% per day (£30 per £100) and fast funding was optional at £20. Promo codes could be entered on the application form, but these weren’t easy to track down.

Cash Genie did however eventually remove the transfer fee. They obviously just couldn’t drop down any further than £30 to continue staying active. They offered between £75 and £500 over a full month. For a short time they offered 3 month loans, but they soon dropped this option. Their site was designed well with secure logins in place. They also had a good industry track record and were CCTA members. Their days of operation were Monday to Friday (8am to 8pm) and on Saturdays (9am to 4pm). Seeing this payday lender close was one of the biggest losses announced, but we can see the owner (Peter Tuvey) making a return with another project soon.

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