Do you know that almost 7 million people in Britain are forced to obtain loans from loan sharks? Don’t get yourself counted in this number. Just stay away from loan sharks.
Who are loan sharks?
They are the easiest available lenders around when all doors are closed for a decent loan package from a recognised organization. They are not licensed under the Consumer Credit Act and they lend money illegally at an astronomical interest rate.
They generally prey on people who are badly in need of fast cash and have a bad credit rating, low income or have been refused loans from banks or other registered financial institutions. They simply take advantage of the poor financial conditions.
Since they are not licensed by government, they hardly care to follow any lending terms and conditions. Thus the borrowers remain unprotected by any legal loan terms.
Obtaining a loan from a loan shark may result into severe consequences in future. They are worse than the debt collectors. They will practically rob you off. They use violence and severe abusive methods to collect money from the debtors. Most of them are satisfied with the interest on the amount – the debtor may be paying around 125% per month as interest.
The Government of United Kingdom has taken several measures to stop these illegal lenders. They have also been arrested and prosecuted for assaulting customers, drug offences, extortion, possession of firearms and other organised crimes.
If you have already taken up a loan from these unregistered lenders and are facing threats from them, you need to contact the nearest Trading Standard’s office. The trading standard office helps you in dealing with these loan sharks.
You can also get in touch with the authorities at http://www.direct.gov.uk/stoploansharks
You can call the helpline 0300 555 2222
Or email them at reportaloanshark@stoploansharks.gov.uk
Or send them details by text/sms to 60003.
They have already prosecuted 60 illegal lenders, and have provided complete support to more than 7,000 victims.
More importantly, you have a bigger role to play – spread the information among your friends, colleagues, family members etc. Tell them to stay away from these loan sharks. Need more reasons? Wait for the next article in the same topic.
