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Payday loan company: 'Help get your mate into debt and we will give you £20'

cash loan – Yahoo News Search Results:

A payday lender is offering hard-up customers £20 to drag their friends into debt with them.

Speedy Cash is promoting the “bonus” as an incentive for clients to refer new customers to the lender – just as ­struggling families turn to emergency loans in the run-up to Christmas.

In-store posters and leaflets urge customers: “Send some friends. Earn cash rewards”, adding: “For every friend you send to Speedy Cash, we’ll give you £20.”

They show one person next to £20, two with £40, three by £60 with the words: “And so forth. You get the idea.”

Desperate customers are hit with a representative APR of 2115.69% on 30-day loans taken out.

Payday interest


30 day loan


Campaigners slammed the refer-a-friend scheme.

Stephen Sichel of London Citizens said: “It offers ­incentives for people to exploit their relationships and get friends into debt.

“People feeling the pressure at Christmas need support, not to be encouraged into cycles of debt. They’re preying on people’s vulnerability.”

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Labour MP Paul Blomfield, who has campaigned for a crackdown on payday loans, said: “It’s a nasty ploy. We’ve made enormous progress in regulating this rip-off industry but shameful tactics like this show the need for strong monitoring.

“Payday lenders are always looking for new ways to get people into debt.”

Speedy Cash, which has 23 branches in England and Wales, was rapped by regulators over ads last Christmas offering ­children free photos with Santa in store.

The firm did not respond to requests for comment.

Payday loan company: 'Help get your mate into debt and we will give you £20'

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