They may not have fins or killer jaws, but loan sharks or illegal moneylenders are every bit as dangerous and predatory as their name suggests. Let them get their teeth into you and it can turn very nasty. Right now there's the biggest crackdown on loan sharks in the Northwest. A lot of loan shark victims are just ordinary people who've got into a bit of a financial fix and borrow to cover for an emergency or just everyday expenses. Of course, the current economic climate is making folk vulnerable to the sharks.
Victims are not only charged astronomical rates of interest, but very often face violence, intimidation or blackmail if they don't keep up with the payments. To avoid getting bitten by a loan shark, ensure that the lender has a Consumer Credit License.
And, remember, it's the loan sharks that are illegal-not you! So, if you are having problems, report them.
Here's how:Call 0300 555 2222 (charges are local rate including inclusive minutes from mobile phones). Or you can text: loan(space)shark(space) + your message to 60003 or email: stoploan-sharks@manchester.gov.uk