Payday loans for alcohol

Saturday 14 January 2012 01:00 GMT

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The payday lender Cash Genie encouraged students to use expensive credit to pay for booze or nights out on its website.

But after being contacted by The Independent, the firm – which offers loans at 2,339 per cent APR – removed the articles last night.

One article said: "Our easy loan service can be used as a short-term benefit to pay for your desires (alcohol, gigs, going out, new clothes, presents for others)."

Una Farrell of the Consumer Credit Counselling Service said the articles were "reprehensible".

Peter Tuvey, the boss of Cash Genie said: "The content was solely used for search engine optimisation. Cash Genie does not ... actively target students."

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