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Loan sharks

Loan sharks are unlicensed lenders.

They operate illegally and will lend you money when nobody else will, but:

  • the interest will be very high and you may find it difficult to keep up the repayments
  • you might be forced to get a second loan to pay off the first, and so on and so on until your debts are out of control
  • they may turn very nasty if you fall behind with your payments
  • they prey on vulnerable people like the unemployed or lone parents
  • the may force you to hand over Social Security Benefit Claim Books as security against loans

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Article utilities:  Bookmark and Share Print Print this page Last updated: 03 Aug 2017 at 09:53