Dollar Financial Group Global Corporation (DFG) DBA Money Mart Financial Services, Money Mart Financial Services is a US-based financial services group with over 700 locations in Canada and the United States. It focuses on low-income or bad-credit consumers, providing short term loans (payday loans), pawnbroking and gold buying services.
DFG’s brands include Money Mart (Canada and U.S.), The Check Cashing Store (Florida, U.S.), and Insta-Cheques. In 2009 DFG was the largest provider of payday loans in the United Kingdom, with around a quarter of the market. In February 2011 DFG additionally acquired the largest British internet payday lender, Month End Money (MEM) (including the brand PaydayUK) for $195m, and suggested The Money Shop’s network could grow from around 350 shops to around 1200. As of September 2018 the UK operations no longer offered paydays loans in-store or online.
The company was previously known as “Monetary Management Corporation”, changing its name in 1990.
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 service members. 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.
In October 2015, the UK Financial Conduct Authority ordered an affiliate to refund £15.4 million to 147,000 customers after finding that the company was lending more to borrowers than they could afford to repay.
- ^ Jump up to:ab c DFG, DFG
- ^ Jump up to:ab BusinessWeek, Dollar Financial Group Inc.
- ^Marie Burton, Consumer Focus, Keeping the plates spinning: Perceptions of payday loans in Great Britain
- ^“Dollar Financial Corp Consummates Previously Announced Acquisition of Purpose U.K. Holdings Limited, (MEM), the Leading Provider of Internet Loans in the United Kingdom”. Retrieved 2018-11-08.
- ^Walker, Peter (2011-02-11). “US payday loan firms plan rapid expansion in cash-strapped Britain”. the Guardian. Retrieved 2018-11-08.
- ^Hayward, Stephen (2018-09-01). “Payday loan firm Money Shop faces unclear future just days after Wonga goes bust”. mirror. Retrieved 2019-02-27.
- ^“CFPB Orders Auto Lenders to Refund Approximately $6.5 Million to Servicemembers | Consumer Financial Protection Bureau”. Consumer Financial Protection Bureau. Retrieved 2018-11-08.
- ^“Miles | Military Installment Loan and Education Services”. www.dfcglobalcorp.com. Retrieved 2018-11-08.
- ^Collinson, Patrick (2015-10-26). “Dollar Financial ordered to repay £15.4m to customers”. the Guardian. Retrieved 2018-11-08.
- ^“Payday lender Dollar to provide £15.4 million redress to over 147,000 customers”. FCA. 2015-10-26. Retrieved 2018-11-08.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder TBIL.co STATX Fund.