Illegal money lenders or ‘loan shark’ can be particular active at this time of year as people deal with Christmas debts. Just Credit Union warns that once in the hands of an illegal money lender it is very difficult to escape and that they will often use threats and intimidation to extract huge levels of interest. We are delighted to support the England Illegal Money Lending Team’s launch of their new Stop Loan Shark app. The app makes it quicker and easier for people to report loan sharks and get support.
The Stop Loan Sharks app includes a contact form and phone number to report loan sharks, as well as information to help victims of illegal money lenders to get support. It helps people spot loan sharks offering advice on the tell-tale signs that someone is a loan shark. These include offering cash loans without any paperwork, charging extortionate interest, taking bank cards and passports as security, and threatening behaviour or violence to get money.”ÂÂ
The app was funded from cash recovered from loan sharks under the Proceeds of Crime Act (POCA) and include a search tool to help users find credit unions and legitimate lenders, and links to confidential debt advice services .
The new app can be download FREE from the App Store and Google Play or scan the QR Code on your phone!
