The shameful tactics used by one of Britain’s biggest payday loan companies can be exposed by The Mail on Sunday today.
An undercover investigation into high street chain The Cheque Centre – which claims to be ‘a responsible lender’ – reveals how it preys on vulnerable customers and cash-strapped families, locking them into spiralling debt. Our shocking investigation reveals how:
The company targets hard-up families on council estates, offering loans with sky-high interest rates of up to 3,000 per cent.
A manager boasted: ‘I’ve never turned anyone down,’ and said it was acceptable to issue loans even to customers stinking of alcohol.
Predatory salesmen were instructed to cold-call previous borrowers to sell them new loans.
The firm flouts official guidelines which condemn repeatedly renewing loans – plunging borrowers into ever deeper debt.
Staff raid customers’ accounts when they default using a heartless practice known as ‘swiping’.
A member of staff told our reporter how he suspected phones bought from failed loan applicants for cash were probably stolen.’
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