Loan deals too good to be true? Beware!
Beware of loan deals that seem too good to be true!
Christmas is only a few weeks away and for many of us the list of people we want to buy gifts for seems to be growing rather than getting shorter. That’s why, as money gets tight, many people will be considering loans and, because of this, loan sharks are out in Salford trying to persuade people to borrow money that they should not be lending.
Loan sharks are illegal money lenders who can seem like a good option when you need money quickly or have difficulties getting credit, but they can quickly become intimidating and threatening or your loan can spiral out of control.
Stop Loan Sharks, part of the Illegal Money Lending Team, are taking part in two weeks of action from 27th November – 8th December to offer support to people who may be borrowing from loan sharks, and to warn people of the dangers. As well as offering tips and advice, they will be distributing 5,000 beer mats to local pubs and 10,000 postcards to local businesses and providing training and education for partners and organisations, Pendleton Together staff and tenants.
Part of the problem is that there are many different types of loan, some of them legal and affordable, others that are legal but may not suit your circumstances and others, through loan sharks, which are downright illegal.
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. Their advice is not to take out a loan on the street and to check out any lenders before you sign up. You can also get advice from the Credit Union in Brotherton House, who can advise you on the loans they can offer.
Stop Loan Sharks will be distributing helpful resources to local businesses throughout November and December to raise awareness of loan sharks.
For more information about what a loan shark is and how to seek help visit http://www.stoploansharks.co.uk/