Company:Dollar Financial Group
| File:Dollar Financial Corp logo.svg | |
| Type | Private |
|---|---|
| Industry | Financial services and Retail |
| Founded | 1979[1] |
| Headquarters | Malvern, Pennsylvania, U.S. |
Area served | international |
Key people | John Grayken |
| Products | Payday loans, pawnbroking and jewelry sales |
| Owner | Lone Star Funds |
| Subsidiaries | Money Mart |
| Website | dfg.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
- ↑ 1.0 1.1 1.2 DFG, DFG
- ↑ 2.0 2.1 BusinessWeek, Dollar Financial Group Inc.
- ↑ Marie Burton, Consumer Focus, Keeping the plates spinning: Perceptions of payday loans in Great Britain
- ↑ BusinessWire, 1 April 2011, Dollar Financial Corp Consummates Previously Announced Acquisition of Purpose U.K. Holdings Limited, (MEM), the Leading Provider of Internet Loans in the United Kingdom
- ↑ The Guardian , 11 February 2011, US payday loan firms plan rapid expansion in cash-strapped Britain
- ↑ "Lone Star Funds to Buy DFC Global," Wall Street Journal, 4/2/2014
- ↑ CFPB press release issued 6/27/2013
- ↑ Company website accessed 11/3/2015
- ↑ "Dollar Financial ordered to repay £15.4 million to customer," The Guardian, 10/26/2015
- ↑ FCA press release issued 10/26/2015
External links
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