Payday lender Dollar has voluntarily agreed to refund over £700,000 of interest and default charges to 6,247 customers following a review by the Financial Conduct Authority (FCA). In February 2014, after a review of the Office of Fair Trading of customer calls to Dollar revealed some loans were being approved for amounts which Dollar’s lending criteria would not normally allow. Dollar operates in the UK under the trading names Payday UK, Payday Express, The Money Shop and Ladder Loans. After Wonga, Dollar is the UK’s second largest payday lender; the FCA believes the company has a 24% share of the payday market. All affected customers will be contacted immediately and Dollar expects to provide refunds in cash totalling £79,000, with the remainder of customers having their outstanding balance reduced. Refunds will be paid once Dollar has confirmed customers’ up-to-date contact and bank details.....Read more here