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Don't get bitten by a loan shark

Don't get bitten by a loan shark

With Christmas just behind us, January can be a difficult month for managing finances. Many of us will be recovering from the season of gift-giving and trying to cut costs to afford the hard winter months, which makes us vulnerable to loan sharks.

Loan sharks are illegal money lenders who can seem like a good option when you need money quickly or are having difficulties getting credit, but they can quickly become intimidating and threatening or your loan can spiral out of control.

Loan sharks often target people during and after the Christmas period, when money may be tight, which is why the Illegal Money Lending Team (IMLT) have launched their ‘Why I Borrowed’ campaign, encouraging people to report illegal money lenders.

If you think you might have been bitten by a loan shark, you are not alone. The ‘Why I Borrowed’ campaign tells the real-life stories of victims who have been put through a harrowing time because of a loan shark. Over 60% of borrowers said they were in a state of worry, stress, depression or severe anxiety because of their involvement with a loan shark, 46% said they had been abused verbally and/or threatened with physical harm by the loan shark.

Stop Loan Sharks can help you to identify if you might be borrowing from a loan shark, how you can safely report them for investigation and even offer one to one support for people who might be struggling with housing or debt issues. If you’d like more information about what a loan shark is and how to seek help please visit www.stoploansharks.co.uk.

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