Customer news Money Advice

Don’t let a loan shark spoil your Christmas

In the run up to Christmas there may be more pressure to borrow money and Christmas is a time where we’re at risk from falling victim to loan sharks. They’re known to take benefits or bank cards for security and resort to intimidation and violence if you’re unable to make the repayments. They can charge very high interest rates, making it impossible for victims to repay the loan.

 

Here’s a few tips to protect yourself against loan sharks this Christmas:

  • Save money regularly, so you’re not in urgent need of a loan
  • Don’t accept cash loans, even if the lender seems friendly or helpful
  • If you need to borrow money, credit unions are a safer alternative. Visit www.findyourcreditunion.co.uk to find your nearest credit union.

 

Loan sharks work illegally without a credit license and therefore don’t comply with fair collection methods. To check whether a lender if legal visit www.register.fca.co.uk

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