A trio of big name lending brands have ceased trading online. DFC Global Corp’s Payday Express, PaydayUK and The Money Shop sites are now closed for new business. TMS will however live on through retail as will the existing pawnbroker outlets (Duncanson & Edwards, Robert Biggar and Suttons & Robertsons). The 3 brands closing have operated under the Instant Cash Loans Ltd subsidiary that is part of Dollar Financial UK Ltd (aka Dollar UK) that is in turn part of America’s DFC Global Corp. This financial powerhouse has over 10 million customers worldwide and around 1300 retail locations. They’re famed for Money Mart that trades across Canada and USA. There are various other projects spanning across Europe.
There can be no disputing the credentials of the group, but Britain has been a problematic region for some years. The later period of 2015 was certainly a traumatic time when the FCA forced a refund of £15.4 million to be paid out to 147,000 customers. This was in light of problems with affordability checks, debt collection tactics and system errors. The FCA’s loan cap then of course kicked in. The Money Shop’s retail empire was essentially crushed from this, with their network that had stood at 550 stores dropping way down to 230. In early 2017 it was then announced that DFC were seeking a buyer for Dollar UK that has represented their British interests.
There was no sale and sadly it has been closures that have ensued. The Money Shop will of course live on (for now) on the high street, but it is sad to learn of the downfall of Payday Express and PaydayUK, each British founded companies that enjoyed great success, at least until they headed under DFC’s control. PaydayUK (aka PDUK) was started up at www.paydayuk.co.uk by MEM Consumer Finance Ltd in 2003. Throughout their opening years they soon became the UK’s biggest payday lender, soon be entangled in a fierce battle for market share with QuickQuid. DFC would acquire in 2011. This had followed on from their 2009 purchase of Express Finance (Bromley) Ltd.