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Cometh the holiday period cometh the loan sharks

The UK government has today issued a severe warning regarding the growing popularity of loan sharks in various areas of the country. As the recession continues to bite and liquidity is still well below normal levels in the banking sector it appears that more and more people are looking to unofficial loan sharks to make ends meet. With some of these unscrupulous lenders charging thousands of percent on their loans, for many people in the UK this could be the beginning of the end.

While we continue to hear stories regarding people lending just a few hundred pounds and having to pay back thousands to loan sharks it seems that many around the UK literally have no choice. Despite various government attempts to stamp out unofficial loan sharks the system does have holes and these are being used more and more. One issue is the fact that the government relies upon consumers "blowing the whistle" while many of these consumers are those lending money and in desperate need.

Even though there are various government funds and loans available for those in serious financial trouble it would appear that many who do not qualify for these opportunities are being forced down the road of loan sharks.

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