Say no to loan sharks
You might find yourself in a situation where you are finding it hard to keep on top of your bills. Your bank, or other official money lenders, may have turned you down and getting money from loan sharks may seem like the answer to your problems.
We understand that you might look at other ways to resolve financial worries, but beware of the risks when lending money from a loan shark:
- they’re unlicensed moneylenders who operate outside the law and without any financial regulation, this means you are not covered or protected in case anything goes wrong
- the interest they charge is usually very high which means you have to pack much more than you borrowed
- sometimes loan sharks use threats and violence to frighten people who can’t pay them back.
Not sure if you are dealing with a loan shark? These are tips from Money Advice Service on how to spot one. A loan shark might:
- offer little or no paperwork, such as a credit agreement or record of payment
- refuse to give information, such as the interest rate or how much you owe
- take items as security, such as passports, bank cards or driving licences
- increase the debt or add additional charges at any time
- refuse to allow you to settle your debt
- get nasty - they might resort to intimidation, threats or violence
If you spot a loan shark or you’ve borrowed money from one you can report them anonymously.
Illegal Money Lending Team
Report a loan shark online
Telephone: 0300 555 2222
Text a report to 07860 022 116
Remember, we offer financial support to those that need it, so get in touch if you think this could benefit you.
Safer ways of borrowing money
There are safer forms of lending, one of these is going through a credit union. We have teamed up with HEY Credit Union, a not-for-profit financial co-operative serving the people of Hull, East Yorkshire and Northern Lincolnshire.
HEY Credit Union can help you with:
• Safe and handy ways to save
• Access to responsible, affordable credit
• A range of value for money financial services
HEY Credit Union currently have a special savings offer for Ongo tenants: if you join and save up for Christmas 2019, they will give you a £25 bonus.
For more information, have a look at their flyer or visit the Hey Credit Union website.