Betfred boss offers his staff quick minimum wage cash loans with 39.9% interest

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Announcements for the loans, which do not reveal that he is behind the company, have been posted on the BetFred staff intranet and on a Facebook site for workers in the gaming industry.

Loans: Fred Done, Betfred

Betting billionaire Fred Done is aiming for a jackpot by granting high-interest loans to his own staff – most at minimum wage.

The founder of BetFred is the majority shareholder of a company offering employees of betting shops fast money at 39.9% APR.

Announcements for the loans, which do not reveal that he is behind the company, have been posted on the BetFred staff intranet and on a Facebook site for workers in the gaming industry.

Customers who borrow £ 1,000 over a year end up repaying £ 1,399.

The ads were removed from Facebook this week after an angry reaction from BetFred staff when they learned of Done’s role at the company.







Loans: a Betfred store
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Picture:

Bloomberg)




It is understood that the ads remain on the BetFred staff website and on the chain screens of more than 1,350 stores.

A source said: “It’s shocking. Most BetFred employees are paid minimum wage to work 12 hour shifts and often face abuse from punters.

“For the multimillionaire owner of the business, trying to sell them exorbitant loans that could arguably make their lives worse is taking the mick.”

Writing on the Facebook site I’m not afraid of hell anymore, I worked in a betting house, an employee said: “So what? The boss of BetFred gives loans to his employees with an APR of 39.9%. Shameful!!!!”

Another wrote: “40% APR for own employees ?? !! I mean ffs. This shows how low this business will go. “

A message read: “What if you used the money you used to implement the idea and pay the staff well.”







Loan Offer: Fred Done
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Picture:

Getty)




“They don’t need to come and get a quick document then! “

Done, 71, founded Golden Tree Loan Company in 2009 and is a director. He also owns the Tote.

A BetFred employee said: “There is a lot of resentment about this. The advertisements suddenly appeared on the staff website and on the CCTV.

“At first no one had heard of Golden Tree, but someone found out it belonged to Fred and the news spread like wildfire.

“You have the impression that he is trying to take advantage of the difficulties of his workers. On the contrary, it should offer preferential rates, not massively inflated rates. It stinks.”

BetFred said: “We were concerned that our staff would run into trouble when borrowing money from Wonga… The loans are a boon for the staff.”


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