Who are loan sharks?
They are illegal moneylenders. They are not licensed under the Consumer Credit Act and they lend money at an astronomical interest rate (even 117,000%). These loan sharks normally prey on people with poor credit rating, low income or those who have been refused a regular loan. The Loan Trap 1. They charge very high interest rates and you may find it difficult to keep up with the repayments 2. You may be forced to get a second loan to pay off the first, and so on and so on until your debts go out of control. 3. They are happy if you pay the interest alone. Soon you will find that you have paid much more than the initial amount as interest 4. They turn very nasty if you fall behind payment schedule Don’t Believe it? Read these Recent Reports: 1. Women in the North East are being forced into prostitution to pay back spiralling debts to loan sharks. Source: BBC 2. Paul Nicholson is a loan shark who raped, blackmailed and threatened the debtors for repayment. He trapped vulnerable people in
