Loan Sharks....

• Are unlicensed lenders. They operate illegally and will lend you money when nobody else will, but:
  • the interest will be very high and you may find it difficult to keep up the repayments
  • you might be forced to get a second loan to pay off the first, and so on and so on until your debts are out of control;
  • they may turn very nasty if you fall behind with your payments.

 

• They prey on vulnerable people like the unemployed or lone parents.

• The may force you to hand over Social Security Benefit Claim Books as security against loans.

If you know of a loan shark who is operating in your area ....

Tell your local Trading Standards Service and tell us - it may help us to stop them and protect other people.