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Need to borrow? Don’t go to a loan shark

Need to borrow? Don’t go to a loan shark

It’s back to school time. For many parents/carers, this is always an extremely expensive time with new school uniform and shoes to buy. It’s especially hard this year as many people have lost their jobs or have had their work reduced due to the coronavirus crisis.

To pay for all the uniform and kit children need for school, people on low incomes may turn to a loan shark – an illegal money lender. If you’re not sure what a loan shark is:

  • Did they offer you a cash loan?
  • Did they not give you paperwork?
  • Did they add huge amounts of interest or APR to your loan?
  • Have they threatened you?
  • Are you scared of people finding out?
  • Have they taken your bank card, benefit card, passport, watch or other valuables from you?

We’ve heard stories of people who’ve borrowed £50 from someone they thought was a friend, but soon became trapped by a loan shark and £35,000 in debt!

If you think you are a victim, contact Stop Loan Sharks today. This is a government agency that investigates, prosecutes and puts loan sharks in prison. 

If you want to borrow money, talk to a Credit Union. Credit Unions are set up to benefit people who join as members.

We work in partnership with Leeds City Credit Union.No matter where you live, Leeds City Credit Union is simple and stress-free to access. You can manage your money online, or if you’d rather speak to someone, they’re just a phone call away. It’s easy to join and once you’re a member you can start saving or borrow money at affordable rates. For more information, visit the Leeds City Credit Union website.

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