Company:Dollar Financial Group

From HandWiki
Dollar Financial Group Global Corporation
TypePrivate
IndustryFinancial services and Retail
Founded1979[1]
HeadquartersMalvern, Pennsylvania,
U.S.
Area served
international
Key people
John Grayken
ProductsPayday loans, pawnbroking and jewelry sales
OwnerLone Star Funds
SubsidiariesMoney Mart
Websitedfg.com

Dollar Financial Group Global Corporation (DFG) is a US-based financial services group with over 1000 locations in seven countries.[1] It focusses on low-income or bad-credit consumers, providing short term loans (payday loans), pawnbroking and gold buying services.[1] 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.[2] 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.[3] In February 2011 DFG additionally acquired the largest British internet payday lender, Month End Money (MEM) (including the brand PaydayUK) for $195m,[4] and suggested The Money Shop's network could grow from around 350 shops to around 1200.[5]

The company was previously known as "Monetary Management Corporation", changing its name in 1990.[2]

The company was purchased by private equity fund manager Lone Star Funds in 2014.[6]

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.[7] 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.[8]

In October 2015, the UK Financial Conduct Authority ordered an affiliate to refund £15.4 million to 147,000 customers[9] after finding that the company was lending more to borrowers than they could afford to repay.[10]

References

External links