As the cost-of-living crisis continues, more people may be forced into debt and will turn to or consider borrowing money from illegal lenders or loan sharks.
Illegal money lending is a criminal offence, and loan sharks often target vulnerable people.
Loan sharks lend money and charge interest on the loan without the legal authority. They operate within our communities often taking advantage of vulnerable people.
Not always violent criminals, loan sharks seem friendly and helpful when you are in need. They can be a small lender taking advantage of friends or family, a rogue landlord or employer, a work colleague or a member of a community group.
Warning signs
Loan sharks are not always easy to recognise. Look carefully for these signs, they may tell you that you are dealing with one:
- Threatening behaviour
- Word of mouth
- No paperwork
- Cash only
- Collateral holdings
- Increasing debt
Stop Loan Sharks Wales is here to support victims and protect people from illegal lending and related crimes.
For further information please select the following link Home - Stop Loan Sharks Wales : Stop Loan Sharks Wales