Posts Tagged ‘cash genie loan’

Cash Genie’s Partnership with Starlight Continues to Prosper

Thursday, February 18th, 2010

Cash Genie, the short term loan lender, is pleased to announce that its commitment to Starlight Children’s Foundation is continuing to strengthen with Cash Genie donating a further £1,124 to the charity on 6th January 2010.

Starlight Children’s Foundation is a charity that uses all of the generous donations they receive to brighten the lives of seriously and terminally ill children by granting them their dream wishes and providing entertainment to help take their minds off the pain and upset of their illness.

Just one of the many children that have had their dreams realised by the input of Starlight Children’s Foundation is five-year old Ryan who was diagnosed with a brain tumour when just three years old. Ryan’s dream was to meet Santa Claus. With Starlight’s help Ryan and his family spent three days on holiday in Lapland where they were given the opportunity to sledge in the Winter wonderland; feed carrots to Santa’s reindeer and at the end of the holiday meet Santa, much to the delight of young Ryan.

Cash Genie offers its customers the chance to donate to this amazing charity. Every time an applicant is successful with their loan application they are asked if they wish to donate 50pence to the charity, which Cash Genie will then match with another 50p, further increasing the donation and giving more children like Ryan the chance to have their dreams realised.

 

For more information on Starlight, and further ways to donate please visit www.cashgenieloans.co.uk and click on the ‘Starlight’ link on the home page, or alternatively visit Starlight Children’s Foundation website at www.starlight.org.uk.

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Posted in Cash Genie | 32 Comments »

Are Payday Loans Debt Traps?

Monday, January 11th, 2010

Critics all over the UK are claiming that payday loans and lenders are just out to get the common man or target less fortunate people and leave them with nothing, and probably lead him or her into a debt cycle. There is an argument to suggest that payday loans can lead people into a debt trap, however this is only the case when loans are used irresponsibly by the consumer or carelessly lent out by payday loan lenders.

Cash Genie ensures it lends out to people who are able to pay the loan back on time. The company prides itself on its ‘Responsible Lending’ policy to keep its debt rate to a minimum and make sure that a strong relationship is created between customer and company. Cash Genie provides customers with a transparent service and an excellent customer help team to certify that customers are more than satisfied with the service provided and are less likely to go into debt.

Cash Genie understands that some customers will find it hard to pay back the loan on time, due to unexpected bills and costs. The company urges people who think they may go into debt to contact the company as soon as possible to come to some sort of arrangement. The sooner the company is notified, the better the outcome will be for the customer. Many payday loan lenders want customers to go into debt and add numerous charges to the account to earn more profit, this is sure to lead to a debt traps for the customer and leave customers in financial problems. Cash Genie work with customers individually to suit the needs of each independent customer who can not pay back the loan.

The ‘cycle of debt’ some  payday loan customers face is when customers have to take out another payday loan to pay off the first loan they have received, and this continues until all they can do is start complaining to the government or OFT for help. But why do so many people end up in debt traps? Well the number one problem is that many people do not manage their cash well. Cash Genie provide financial guidance to customers who are unable to manage their money or who are finding it hard to pay back their loan. It is rare that customers can not find an agreement with Cash Genie’s team so both parties are happy, if the payday loan is overdue.

To find out more about Cash Genie and its practices, visit www.cashgenieloans.co.uk or contact its customer help team on 08459569848.

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Posted in Cash Genie | 56 Comments »

We all love shopping, we all hate queuing

Tuesday, December 29th, 2009
You wouldnt want to be waiting in that!

You wouldn't want to be waiting in that!

You would not want to be stuck in that now would you!

Christmas is now over and the January sales are starting. Everyone loves to get out and spend their christmas cash in the shops and also online. A lot of people hae not tried shopping online before for a variety of reasons and some people do not have the money to take advantage of the January sales at all.

Why not give it a go and not miss out on the bargains in the shops? You can easily get a Cash Genie loan by visiting www.cashgenieloans.co.uk. We can get the money in your account with a sameday transfer, allowing you to get some extra cash after christmas and spend it on the January sales online.

So forget putting that hat and scarf on, go put the kettle on, make an application and get spending online.

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Posted in Cash Genie, Payday Loans | 65 Comments »

Cash Genie Re: ‘the peril of easy credit at Christmas’

Tuesday, December 8th, 2009

The Sun newspaper recently released an article describing customer’s peril at Christmas when applying for credit in order to purchase Christmas presents. The article goes on to describe how one customer applied to several payday loan companies to buy a washing machine and has ended up paying being over £2400 in debt with these companies. Cash Genie UK Ltd was not included in the payday companies listed, and because of the Responsible Lending policy adopted by the company, Cash Genie would not have lent to the customer in question.

Like all media articles, criticism is placed on the payday loan company and blame is put on companies which lend to customers who are already in debt. The customer in the article successfully applied to 4 payday loan companies, however companies have different lending criteria and lend to different customers according to these conditions. With a Cash Genie short-term loan customers are able to apply for a loan, receive the cash the same day and gain enough credit to pay for Christmas presents and then pay the loan amount back on the next pay date. The short-term loans are used for emergency purposes and are advised not to be used in the long-term. Cash Genie expressly states before the loan is processed that the “charge for credit is per month, so keep the money for as long as you need, but pay it back as soon as you can”, in accordance with the Responsible Lending policy.

Cash Genie UK Ltd emphasises that customers should not take out a payday loan if they are unable to pay back the loan amount or the interest payment at the end of the month. The service is ideal for emergency purposes leading up to Christmas in the holiday period, but should be borrowed responsibly.

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Posted in Cash Genie | 8 Comments »

Cash Genie Speed of Service

Wednesday, December 2nd, 2009

Cash Genie UK, the short-term loan provider, is further promoting their speed of service. Cash Genie offers a same day service allowing customers to apply and receive cash the same day.

Cash Genie offers short-term loans to customers in the UK between £75 – £750. The company is based purely online, therefore the application is completed online by the customer and all processes by the company can be performed in real-time on the Internet. Customers are able to apply for a loan in the comfort of their own home and receive the loan amount in their account the same day. So customers at home can boil the kettle, watch tv, apply for a loan and have the money in their account by the time the cup of tea is finished! Recent research on the payday loans market illustrated that customers prioritise speed of service more than any other when taking out a loan.

But what makes Cash Genie’s service different to any other lender? Cash Genie ensures customers who apply for a short-term loan before 3:30pm and ask for a fast pay service, that the loan is transferred into their bank the same day. If the loan, in any way, does not reach client’s accounts by the end of the day then Cash Genie will refund the fast pay cost. The majority of loans are processed in minutes, and the money is transferred as fast as possible into customers’ accounts. The speed of this transaction is only limited to the speed of communication and processing of the client’s bank. If Cash Genie were to own a bank, then this process would be seconds rather than minutes and customer satisfaction would be further increased.

Because Cash Genie’s processing team are motivated by performance related pay, the speed of service is important to them as well as customers. Every time a customer receives a payment early or on time then so do the employees. This ensures excellent customer service and extremely happy customers at the end of the day. The company’s popularity is growing fast, meaning the team is expanding to further increase the speed of process. Cash Genie system analysts are constantly improving the system and discovering new ways to streamline the application process and ensure customers have money in their account as soon as possible.

Cash Genie attempts to make every customer, who takes out a short-term loan with them, happy with the service provided. Every Cash Genie customer has their own account manager who will tailor the service for each individual’s needs. Because the speed of service is a priority to customers, it is a priority to the Cash Genie team.

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Posted in Services | 9 Comments »

Why Payday Loan Criticism Should be Taken with a Pinch of Salt

Monday, November 16th, 2009

Payday and short term loan companies have come under much criticism since operating in the UK. The high APR and debt collection practices have been scrutinised by companies in competing industries and by customers who have defaulted on their loan who do not agree with the business morals. Cash Genie, like all big players within the short term loan industry, has had negative posts published about them on consumer forums. However, when any payday company is searched in to Google this is always the case. Does this devalue consumer posts on payday loan companies or prove that these firms should not be used when borrowing an instant cash advance?

Short term loan companies are based purely online and offer a simple application process for customers to receive £75 – £750 instantly in their bank accounts. All companies will offer similar interest charges with APR reaching in excess of 3000%. This figure is extraordinary high and needs some research to realise it is not as high as it seems. Cash Genie has differentiated itself from competition by promoting its responsible lending policy; the company offers a transparent service and prides itself on creating an excellent customer relationship and is committed to lending responsibly to customers who can pay back the loan. As part of this, the company urges customers not to take out a cash advance if they know they will not be in a position to pay it back at the end of the month and asks them to read the terms and conditions before the loan is deposited. However, like all short term loan lenders bad press will be posted about Cash Genie from people who default on their loan.

The main source of negative press is from customers who have used a payday loan company, do not pay the loan back and consequently build up charges on their account. Customers share experiences on consumer forums about company practices. The main topic of post is the late charges along with customer service complaints. Cash Genie warn customers of late charges and urge customers to contact the company before their due date if they will not be able to pay the loan back on time. The company will try to contact their clients in an attempt to get the money back, however the customer service team are here to help. Cash Genie offers a free rollover service and can set up a payment plan for individual customer needs to ensure both parties are happy. Excellent customer service is crucial in order to create a competitive advantage within the industry; the company knows that by providing an exceptional service it is more likely that they will receive the payments on time. However, when customers make fraudulent applications in the knowledge that they are unable to pay back the loan and do not answer phone calls then a debt recovery team is contacted in order for Cash Genie to receive the payment. A company operates as a separate legal entity, just like a human being. When someone borrows money from another person, it is expected that this loan is paid back. This is still the case whether it is a person or a company lending the money. Within this industry , the company-customer relationship is key to receive a loan payment, Cash Genie builds on this aspect to ensure customers receive an excellent service.

Consumer forums present a customer perspective on a specific company. The forums are rated highly by search engines and usually appear within the top 3 of search results when the company name is searched. Advice is given on the forum websites, letter templates are provided to send to the company in question and it gives a place for consumers to share experiences, customers can therefore create a voice in the knowledge that they are not alone. However, more and more customers are viewing these sites to acquire information on what the company is like. It has been argued that the customer views presented on these websites are unbalanced and do not give a true representation of the ethics, morals and practices of the company in question. This is because the posts are one sided from consumers who have defaulted on the loan and are in debt with the company. Customers who have good experiences with the company do not have a need to post, therefore positive comments are rarely posted on consumer forum websites. Less than 0.01% of customers will post on these forums and the majority of posts are posted by a small number of people. Evidence of personal attacks on certain members of staff can also be seen on these websites. Because the website is ranked highly on Google, potential customers of short term loan companies could rely on these posts and may not borrow from these companies.

Cash Genie operates a high standard of customer selection, meaning the company will only lend to customers who are able to pay the loan back on time and fit their lending criteria. The service is transparent and all charges are shown upfront. Research on companies, such as Cash Genie, should be performed however posts on consumer forums and negative press across the industry should be taken with a pinch of salt.

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Posted in Payday Loans | 231 Comments »

Less than perfect Credit Rating? Take Out a Cash Genie Loan

Thursday, November 5th, 2009

Online short-term loan provider, Cash Genie, have launched a service enabling customers with a less than perfect credit rating to gain credit from a short term loan lender. This service also allows customers to rebuild their credit rating to obtain further credit or apply for a credit card.

When customers go overdue on loans, submit fraudulent applications, or have a bad credit history often find it hard to receive money from a credit lender. Consumer’s credit rating is explained in this BBC article (http://news.bbc.co.uk/1/hi/business/2963580.stm), describing that “lenders use information from credit reference agencies to assess how well you have handled credit in the past, and therefore how much of a risk they are taking by lending money to you.” All long term bank loans and most short-term loan providers will perform a credit check before loaning to customers. If this credit rating is poor then these companies will not provide credit. Cash Genie, the short term loan provider, provides a fast means of gaining a quick cash advance for people with a less than perfect credit rating. Because Cash Genie does not perform a credit check on customers that apply, the processing can be achieved in real time and cash can be deposited in customer’s accounts the same day.

Taking a loan with Cash Genie can boost customer’s credit rating if the short-term loan is paid back on time, if not then a customer’s credit rating may fall. When customer’s pay the loan back on time, their trust rating increases meaning they can borrow more money with Cash Genie. This positive data can be passed on to credit reference agencies to boost customer applications for credit cards or future loans.

Other short-term loan lenders do a credit check to ensure customers can repay the loan amount plus interest, but because Cash Genie is committed to helping customers rebuild their credit rating, the company only complete checks to make sure customers are employed and can pay the money back on their payday. This makes the whole application process instant and means the money can be deposited in customer’s bank accounts on the same day.

Cash Genie performs several checks to ensure the company does not lend to people who can not pay it back, however these are not credit checks. The careful customer selection process is for customer wellbeing and safety as Cash Genie do not want customers to get into debt. It is in Cash Genie’s best interest to make sure their clients can pay the loan back to ensure a good relationship is maintained and the company receives the loan payment on client’s paydays. However, it is customer’s responsibility not to take out a loan in the knowledge that they will not be able to pay it back.

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Posted in Payday Loans | 45 Comments »

Cash Genie Busts the Short-term Loan Lingo

Tuesday, November 3rd, 2009

AER. Sorry? APR. What?  Unsecured loan. Who? Where?  ACH. Cash Genie, the short-term loan provider, has introduced a ‘defining the jargon’ page to help consumers understand the technical jargon short-term loan lenders use in their business contracts.

In the short term loan industry it is hard to know what all lenders in the market are talking about when it comes to loan agreements and terms and conditions. Technical jargon is used to make the business relationship professional and to make statements clear to the point; however to the regular customer it is hard to understand. Many short-term loan lenders advertise a ‘Jargon buster’ to make it easier for customers to get their head round key terms. Cash Genie has recently made this addition to their website to further promote their responsible lending policy of being completely transparent to customers.

Jargon such as AER, APR and IFA are common abbreviations in loan professions, however to customers these can be hard to comprehend. When complex jargon appears in business to consumer contracts, customers will either panic and not complete the contract or sign it without understanding what the terms mean. The worst situation for companies, such as Cash Genie, is for customers to drop out at this stage in the application when phrases are not understood by the target audience. In order to counteract this problem Cash Genie have provided a direct link to a ‘Cash Genie: defining the Jargon’ page where customers can view all complicated names, abbreviations and terms to better understand the terms and conditions. Cash Genie have stated that “by better informing the customer and offering a transparent service in defining technical jargon, this will reduce the drop out rate when customers are signing the loan agreement online”. Cash Genie hopes this will increase sales of instant cash advances, which can be deposited in customer’s accounts the same day as application.

Cash Genie prides itself in its responsible lending policy. By offering a transparent service, trust between customer and company will increase and sales will increase. In-turn, this promotes good practice in the short-term loan market creating a competitive advantage for the company and good word-of-mouth advertising. The ‘defining the jargon’ page is another step in promoting this responsible lending policy, this page can be found at:

http://www.cashgenieloans.co.uk/jargon.php

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Posted in Services | 38 Comments »

Who Can Apply For a Cash Genie loan?

Tuesday, October 27th, 2009

Cash Genie, the short term loan lender, has set out criteria on who can apply for a Cash Genie short-term loan. The responsibility of Cash Genie and the customer is also mentioned, ensuring a responsible lending policy. More information can be found at http://www.cashgenieloans.co.uk/responsible-lending.php.

It is always confusing how to apply for a loan purely based online and who can apply for it. Technology is so fast nowadays that application checks can be completed in real-time online, meaning companies can see whether customers fit the relevant criteria. Cash Genie makes sure that it is easy and convenient for customers to apply online. If customers want a short-term loan with Cash Genie, then a few criteria must be met to qualify. But customers should not be alarmed, most applications meet the basic criteria:

Customers must be 18 or over
Are employed
Earn at least £500 per month
Be a UK resident
Have a current bank account with a debit card

Cash Genie welcome homeowners, council tenants, private tenants, housing association tenants or people living with parents. Cash Genie also does not undertake a credit check on customers, however does help people with good or bad credit history. The company will check that customers live where they say they do, but will not undertake a full credit check. This makes processing the loan much faster, to have the cash in customers’ banks almost instantly. Taking a loan with Cash Genie can boost customer’s credit rating if the short-term loan is paid back on time, if not then a customer’s credit rating may fall.

Cash Genie takes the responsibility to not lend to people who can not pay it back. This is all for customer wellbeing and safety as the company does not want its clients to get into debt. It is in Cash Genie’s best interest to make sure customers can pay the loan back to ensure a good relationship is maintained the payment is received on customer’s paydays. However customers are urged not to borrow money from Cash Genie if they are considering Debt Management, IVA’s or Bankruptcy.

The purpose of short term loans is to act as a solution to temporary cash flow problems; it is not intended for sustained borrowing over long periods. Cash Genie do as much as they can to ensure clients do not borrow more than they can afford to pay back, however it is customer’s responsibility that this does not occur so they do not fall into debt. Cash Genie urges customers to think carefully before taking out a loan and ensure that they are able to repay the total outstanding balance on the due date.

In conclusion, Cash Genie monitors all applications and select customers for approval who meet the set qualification criteria. The Cash Genie service team will process the loan the same day as application and customers are able to have the loan amount in their account the same day. If customers are unsure about whether they can apply for a loan, contact processingteam@cashgenie.co.uk.

If customers/advertisers would like more information about Cash Genie, take a look at the company’s  website.

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Posted in Cash Genie | 15 Comments »

Cash Genie – The Responsible Short Term Loan Provider

Thursday, October 8th, 2009

Cash Genie is a new short term loan provider offering cash loans of between £75 and £750 that can be deposited on the same day in successful applicants bank accounts.

Through our website at www.cashgenieloans.co.uk we offer a simple and fast application process which takes less than two minutes to complete and gives each applicant an instant lending decision based on their individual circumstances.

Once a loan has been agreed and signed, the money will be paid directly into the applicant’s bank account, usually on the same day ready to be spent on whatever the money is needed for.

Aren’t you one of those nasty payday loan companies?

No! Cash Genie takes each and every lending decision very seriously. Our responsible lending guarantee offers transparency, trust and complete customer satisfaction.  We only lend to people who can afford to pay us back and do not loan to people who are seriously in debt or whose finances are out of control. Our charges are clear and upfront ensuring each applicant is fully aware of what each loan will cost them.

What about the charges? How much will it cost me?

We show the interest payable using the APR principle (Annual Percentage Rate) despite our loans being offered for a maximum term of 31 days. Therefore our APR rate of 2330% does look very high when compared to other loan rates on the high street.

To simplify things, we charge 30 pence in every pound borrowed for each loan, therefore a £150 loan will cost £195 to pay back.

To draw a comparison, a short term loan is similar to treating yourself to go and watch your favourite Premiership football team play. A single match ticket could cost £100 for a game lasting 90 minutes. However, to annualise this, your match ticket would cost £584,000 or 5840% APR!

Cash Genie are members of the BCCA (British Cheque Clearers Association) and are a Licensed Organisation of the OFT (Office of Fair Trading), to give all our clients peace of mind.

Our short term loans are not a long term answer to the cash flow problems of those in debt; they are a short term solution to those usually in control of their finances who need to raise some cash quickly to tide them over until when they get paid.

For more information on Cash Genie and our responsible lending guarantee, visit our website at www.cashgenieloans.co.uk

Ends

Cash Genie is a short term loan provider based in the UK offering same day loans of between £75 and £750.

We are a responsible lender only offering our services to those who can afford to pay us back.

For more information please visit our website at www.cashgenieloans.co.uk.

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Posted in Cash Genie | 41 Comments »