Payday Loan Firm Shut down by the OFT
Story courtesy of the Consumer Action Group.
The OFT has imposed a £544,505 penalty on MCO Capital Ltd (MCO) and revoked its consumer credit licence.
MCO deliberately went after 7,000 people it knew hadn’t taken out loans after its poor checks let criminals take out millions of pounds in their names.
However, MCO has 28 days in which to appeal, during which time the lender is still able to continue to offer high-cost loans. MCO was trading online under two websites, Helploan.co.uk and Balanceloan.co.uk and both websites have now been shut down.
But MCO is continuing to trade as Paycheckcredit.co.uk, Popcredit.co.uk and Speedcredit.co.uk. Paycheck’s typical interest rate on its loans is 5,420%. The OFT cannot stop it trading under these names until the 28-day appeal period has passed.
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