Cash Generator to axe 68 shops that are not earning money – following clampdown on rip-off loan rates of interest

ONE of Britain's biggest lending chains is planning to close 68 shops following a clampdown on rip-off rates of interest.

US-owned Cash Generator threatens to close basically a number of branches and make countless staff redundant the following month, based on reports.

If it would ahead using the closures it would be the latest in a string of lenders to reduce 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 thought to be irresponsible lending.

“Now we've been told that stores not creating a profit will be going.”

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.