H&T Pawnbrokers has said it will refund customers more than £2 million after a loan investigation found more than one in 10 should never have been made. The company said it had looked into a series of loans given between April 2014 and October 2019 and found 9,800 loans to 8,000 customers that should have been refused.
These loans make up about 11.5 per cent of the total, unsecured, high-cost, short term (HCST) loans the business made during the period.
"We are pleased that the review is now concluded and that the majority of HCST loans granted by H&T are considered to have been lent responsibly," said chief executive Chris Gillespie. "The board of H&T is very aware of the concerns and uncertainty that this review has caused for all stakeholders."
