Authorities are warning about the dangers of loan sharks this Christmas.
As families make difficult decisions and take extra steps to celebrate Christmas amid the cost-of-living crisis, Nottinghamshire County Council have warned the public to say no to loan sharks.
Nottinghamshire County Council warn of loan sharks in run up to Christmas. Photo: Nottinghamshire County Council, Facebook. (61493510)
They said: “Christmas is a time to celebrate with family and friends but there are some unwelcome guests who follow the festive season — predatory loan sharks.
“Borrowing from loan sharks can quickly lead to a spiral of debt that’s difficult to break free from.”
The council shared helpful information from Stop Loan Sharks England, who have put together advice on their website on how to spot a loan shark as well as protecting loved ones.
If you can answer yes to one or more of these questions you might be borrowing from a loan shark:
- Did they offer you a cash loan?
- Did they not give you paperwork?
- Did they add huge amounts of interest or APR to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, benefit card, passport, watch or other valuables from you?
Further information about what support is available for those struggling with the cost-of-living crisis can be found on the county council website.
Anyone worried that a friend or family member is being taken advantage of by a loan shark can contact Stop Loan Sharks on 0300 555 2222 for support.