Loan Sharks

The summer holidays may be in full swing but families are already worried about the costs they will incur sending their children back to school in September.

Many households are already feeling the squeeze from increasing living costs and this could make them an easy target for predatory lenders who offer quick cash loans at astronomical rates.

These loans can lead people into long-term financial hardship, with exorbitant interest rates as high as 100,000% and threats that leave borrowers trapped in a cycle of debt for years.

The England Illegal Money Lending Team (IMLT) is running a month-long social media campaign during August to raise awareness of the dangers of loan sharks and signpost families to financial information and support available with back-to-school costs. Click on the attached link for the latest advice.

https://www.stoploansharks.co.uk/press/