Christmas A Time Of Financial Troubles For Millions, But Not For Mastermind Jeffrey Weiss

Behind the unique multi-million pound fortune

, luxury homes and expensive cars he is having, this is controversial short term loans profit he earns. Jeffrey Weiss is the American who is 69 years old picked up 7 million in earnings and additional benefits last year. He is the mastermind who is backing one of the biggest payday lending firms in the UK. This firm targets the borrowers with eye-watering interest rates as high as 2670%.

Weiss is the former investment banker who currently heads the DFC Global and is the owner of more than 500 outlets of the money shop. Half of the total revenue of the DFC Global from all over the world comes from the United Kingdom and Ireland. The company shows off that it offers substitute of the financial services and it can complete the procedure of a loan application in just two minutes.

The rate of interest is quite high in these loans. As if you are taking the loan of financial assistance worth 500 for one month long time then after one month you would need to repay the amount of 649.75. The act of DFC is legal in all ways but anti-dent campaigners have criticized the Payday loans.

Around four million people have taken out the loans to cover the cost of the Christmas Eve celebration. This figure of four million people statistically shows that one out of every six households taken the financial assistance. While the cost of living is going high in the country which is increasing the heartbeats of the people in the state, on the other hand Weiss is enjoying the rise of the prices. Go for extra cash with instant approval apply for 1 month loan

At the ending of June month his salary was around $1 million (620000) which was accompanied with the bonus of $4.23 million (2.62 million). He also had the shares in incentive plans and other benefits and of this together totaled $11.55 million (7.16 million).

He also has a written deal under his contract that he would get a sum of $300000 every year (184000) as retirement benefits with free life insurance, and medical care. There is one more surprising thing is written in his contract that he would be free to keep all photographs and artwork with him which was bought to decorate to his office in DFCs headquarters when he will get retirement.

He and his wife Felecia has many properties but the most impressive one is a Mediterranean style waterfront mansion in the rich Boca Raton area of Florida. The estimated cost of this is $2.3 million (1.41 million) and this has five bedrooms, a pool, a spa and five cars parking slot. The property tax data also shows that the couple also has a New York pad which values 2.45 million and rent a two bed room apartment worth 400000.

Last year they sold a five bedroom, five bathroom colonial mansion with perfectly manicured garden and a pool which they owned for nearly 18 years in Pennsylvania for 1.05 million. They also have a fleet of expensive cars including three BMWs, one Porsche Carrera and a Maserati. All of these figures shows that Weiss dont need to borrow money and if in case he needs to borrow then high interest rates are not the reason of any worry for him. Company records say that he borrowed an unspecified amount from DFC and at the time of setting the debt, DFC wrote off the interest worth 1.4 million. But the things are quite different for the ordinary borrowers. If they miss a repayment then interest adds up however the firm says that this is capped.

If a borrower gets default on a loan then Payday UK levies a charge of 15. Payday express charges higher interest rates than Payday UK. In the most recent financial report DFC said that it is thinking to increase the earnings by spreading its functions.

The spokesman of DFC said, "In 20 years, Jeff Weiss has built a business which allows people to get access to finance at such a time when the increment in the numbers is excluded. The products launched by company are in high demand and the DFC is doing very business successfully and it has provided the employment for more than 3100 people all across the country."

by: Beverley Brittany

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