'This is a very sad day for all our employees who have worked extremely hard over the years'
The firm is understood to have contacted customers today to inform them they will no longer offer new loans and will be"winding down" its services within the next six months., Glasgow Housing Association, ng homes, Royal Bank of Scotland and others to offer alternatives to high-cost loans for those struggling to make ends meet.
A statement on its website reads:"Scotcash will stop lending with immediate effect and will be placed into an orderly wind-down. The wind-down of the business will last approximately six months, during which time the existing loan book will continue to be collected ...
"We appreciate this is extremely difficult news for our employees, customers and stakeholders but, after full and careful consideration of all options available to us, we do not believe there is another viable route forward."
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