Cash Generator to axe 68 shops that arent making money - following clampdown on rip-off loan inte
ONE of Britain’s biggest lending chains is planning to close 68 shops after a clampdown on rip-off interest rates.
US-owned Cash Generator threatens to close all but a handful of branches and make hundreds of staff redundant next month, according to reports.
If it were to ahead with the closures it would be the latest in a string of lenders to scale down after being criticised for charging extortionate interest rates.
A Cash Generator worker told the Sunday People: “We have moved away from offering loans to people on benefits, which was regarded as irresponsible lending.
“Now we have been told that stores not making a profit will be going.”
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Sister company Cheque Centre dropped payday lending market after criticism by financial regulators.
American loan giant Axcess Financial owns both firms.
As revealed by Sun Online people who have taken out payday loans could be in line for refunds.
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