Beware of Heartless Payday Companies

payday loan

The Mail on Sunday sent an undercover reporter to the loan firm The Cheque Centre where the employees were caught on camera talking about their heartless approach to dealing with customers.

There has been a lot of controversy in regards to payday loan companies, with people arguing that they are useful if used well and sensibly, with borrowers understanding how much and when needs paying back. On the other hand, a lot of people see these companies as sharks, because of firms like The Cheque Centre.

The branch manager where the reporter posed as an employee is reported by the Mail to have replied, when asked about clearly alcoholic customers, people who are very financially vulnerable, that serving vulnerable people “is OK in this place or we wouldn’t serve half our customers otherwise.”

The company often gets customers to sign a document giving the lender the right to take money directly from the bank account owned by the borrower, which they apparently often do if they are owed.

Another employee was caught on camera saying that when people, including those who claim not to be able to feed their children, come in to complain about their policies and conduct he said that his reply is “Sorry madam, this is our right to take money continually… This is our right. You shouldn’t have taken a loan, should you?”

In the past, this same company were decried for hounding a father for money after he attempted suicide due to his money problems, and the company eventually just took the remaining money in his account even though it did not cover his debt, leaving him and his family penniless.

Payday loans are a tool to be used if you understand the repayments and will be able to afford them. Researching the company before borrowing and being careful what control you sign over to them in regards to your bank accounts is highly recommended.