Loan sharks alive and kicking in the UK

A 78-year-old "loan shark" today walked free from court despite the fact she had been found guilty of money lending without a licence, to the tune of £33,500. It is believed that interest rates in excess of 300% per annum were being charged to some clients with allegations of intimidation from some customers. Despite being found guilty of illegal loan sharking, Joan Fionda was given a 12 month community and supervision order due mainly to her age.

This is just one of many examples that the loan shark industry is still very much alive and kicking in the UK despite various moves to combat the problem. The truth is that many people in the UK do not have access to traditional banking facilities due in the main to their credit records and are often forced to take up the services of illegal lenders.

Unfortunately, many people will soon find that the relatively small amounts of money they initially lend can spiral out of control with excessive interest rates and penalties for non-payment. These are the most vulnerable in society and unfortunately despite promises from various governments over the years they are still being subjected to interest rates of over 300%. This is a problem which will not go away but unfortunately there is no short-term solution and no easy answer.