Payday Loans/Loan Sharks

south west | miscellaneous | news report Wednesday December 22, 2010 13:25 by Jon

Report them to the Government

Loan sharks: don't borrow from them, report them. A recent report suggests up to 100,000 people may have taken out loans from illegal lenders in the last month to help cover the cost of Christmas. Read on for some safe and easy methods of reporting loan sharks active in your area, and for tips on cheaper ways to borrow money.
Illegal loans – not worth it
Loan shark problem in your area?

The report was produced by the Financial Inclusion Centre. This is an independent, not-for-profit organisation that aims to promote better access to financial services and properly regulated financial markets. The key findings include:

•up to 100,000 households may have turned to loan sharks at Christmas 2009
•the estimated value of these loans is up to £29 million, for which victims could end up repaying a total of £82 million (at an average 825 per cent APR)
•the borrower of an average loan of £288 from an illegal lender may end up paying back nearly three times this amount, or £820
•a typical family who borrowed from a loan shark to repay their Christmas debts may take over a year to pay it back
Report a loan shark by email -
If you have been targeted by a loan shark or know of one operating in your area, please alert the Trading Standards Illegal Money Lending team.

Report it confidentially @

reportaloanshark@stoploansharks.gov.uk