Cash Genie

What you need to know:

Cash Genie charges £30 for every £100 you borrow, this is slightly higher than the most competitive payday lenders. Put this on top of what you have to pay for a same day transfer and borrowing £100 could cost you as much as £150.

Criteria:

In order to apply for a loan with Cash Genie you must meet the criteria set down in the terms and conditions. You must be over the age of eighteen years and a permanent resident in the UK. You must also be in full-time employment and earning over £500 per month.

Customer Service and Complaints:

The blogs and forums are literally awash with reviews on this Cash Genie and some of the reactions from customers have been negative. However, the majority of negative reviews are based on a failure to repay the loan amount on full and on time. Whenever you take out a payday loan always make sure you will have the necessary funds to repay the loan on your next payday – payday loans are a short term solution.

The majority of people are clearly missing one important snippet from their terms and conditions: if you want a same day transfer then you will have to pay an additional £20 fee. Otherwise, you will have to wait up to five days for the funds to be deposited into your account. Cash Genie would benefit from being more transparent with exactly how much a borrower will have to repay.

Overall:

As long as you repay your loan on-time, we don’t envisage you will have that many problems with Cash Genie. Just be careful with additional charges and always check the terms and conditions (ideally, Cash Genie should be more transparent).