WATCH OUT FOR LOAN SHARKS THIS CHRISTMAS
Research shows that Christmas is the second highest reason that people borrow money from loan sharks. Families are being warned not to turn to predatory loan sharks charging excessive amounts of interest if they are facing financial hardship over Christmas.
People are being advised to watch out for warning signs of loan sharks and report them if they are approached by one and if you really need to borrow money, check the lender is reputable and find out what interest and fees they charge. You can find out whether a money lender is authorised by checking the register on the FCA website.
Loan sharks are increasingly using social media platforms such as Facebook, Instagram and Snapchat to advertise their illegal loans and target potential victims. We urge you to be wary of people you don’t know sending messages through social media accounts.
You should also check you are getting all the financial support you are entitled to. Find out more on the Council’s website.
Anyone with concerns about illegal money lending can contact the Stop Loan Sharks 24/7 Helpline in confidence on 0300 555 2222.
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