More than nine hundred Geneva Finance customers have been paid back just over half a million dollars, following an out of court settlement between the company and the Commerce Commission.

Geneva Finance has admitted it breached the Fair Trading Act, by telling customers it had the right to charge them extra interest and fees on their loans, after items put up for security were repossessed and sold.

Commission chairwoman Paula Rebstock says she wants others in the finance industry to ensure they're not overcharging customers who have defaulted on their loans.