West Yorkshire Police are urging people in South Leeds not borrow money from Loan Sharks.
There are many legal lenders charging very high interest rates, for example Wonga quote a rate of over 4000%. However Police are concerned that people are using illegal lenders who can charge even more, but more dangerously are unscrupulous about how they get their repayments.
If you do need to borrow money, Leeds City Credit Union is a financial cooperative that provides straightforward, affordable financial services to anyone who lives or works in Leeds. The interest on their loans is 26.8%.
The Police urge that under no circumstances should you ever go to an unlicensed lender, they can destroy your life and leave you living in misery. Loan sharks often start out being friendly, but can quickly change.
Remember:
- Loan Sharking is illegal and will not be tolerated.
- Unlicensed loans are not enforceable in law.
- Loan Sharks prey on the vulnerable trapping them in a spiral of debt.
- They rarely offer paperwork and can add random amounts to the debt
- They could take items as security such as passports and bank cards- this too is illegal.
If you have any information about loan sharks operating please call the Loan Shark helpline in confidence, at any time of the day on 0300 5552222
Alternatively Text ‘loan shark + your message’ to 60003 or E-mail reportaloanshark@stoploansharks.gov.uk
