Trading Standards warns over loan sharks
December 2, 2010
Officials from Trading Standards have issued a warning to consumers to steer clear of illegal loan sharks, highlighting the dangers of taking out an illegal loan with one of these unscrupulous lenders. With the run up to Christmas many consumers may be desperate for money to find their Christmas purchases, and with the traditional lending market as restricted as it is many may be tempted to turn to loan sharks.
Officers from Trading Standards visited Barton recently to warn about the dangers of taking out loans from illegal loan sharks. It is thought that around 300,000 households in the UK use loan sharks, and in some cases the lenders have resorted to physical violence and more in order to get the money back from those that have borrowed it, usually with horrendous sums of interest on top.
Trading Standards officers decided to be more proactive because figures have shown that 20 percent of those taking out loans from a loan shark do so in the run up to Christmas. They wanted to make it clear that people need to avoid these loan sharks at all costs. They have issued a hotline number for consumers to contact officers in confidence with regards to illegal loan sharks.
Many people have had their lives ruined as a result of borrowing from loan sharks, with many having to cripple themselves financially in order to repay the money and others suffering the mental and physical scars of being unable to make the repayments.
One consumer said: “It would be very very easy to go to a loan shark because when you’ve got nothing and they’re there saying: ‘Oh come on, you can have this £200, it will see you, just to get food and things’ you’re going to say yes.”
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