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Don’t let loan sharks bite this Christmas

Don’t let loan sharks bite this Christmas

With Christmas approaching, December and January can be difficult months on people’s finances. In the new year many people will be recovering from the cost of the festive season, which can make them vulnerable to loan sharks.

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A loan shark is an illegal money-lender who charges extremely high interest rates. Loan sharks often prey on those who may struggle to obtain credit through traditional means such as a bank or building society.

This can seem like a tempting option when you need money fast, but it can quickly turn into an intimidating situation where a loan can spiral out of control. Victims bitten by loan sharks can even be subjected to threats, violence and intimidation.

We want to reduce the risk and impact of loan sharks by raising awareness and encouraging people to act. You can take action by recognising the signs and reporting loan sharks, should you come across them.

If you think there may be loan sharks active in your area, or to report a loan shark, you can call Stop Loan Shark’s illegal money lending hotline on 0300 555 2222.

Stop Loan Shark’s website can also help you identify whether you are borrowing from a loan shark, how to report them for investigation and can offer one to one support for people struggling with housing or debt issues.

To visit the Stop Loan Sharks website, click here.

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