Qualified advisers answering your
Financial Questions
call 0800 092 1245

Will loan sharks ever disappear?

With the news that loan sharks have potentially turned £29 million in loans into in excess of £80 million in just two years there are serious concerns about those on low incomes in the UK. These are the figures which have been released today after a review of lower income families in the UK and the financial options available to them. The fact that some loan sharks are charging interest rates in excess of 1500% is frightening to say the least!

The UK government and various other regulatory authorities around the UK have been attempting to quash these illegal loan sharks for many years. These are very different from the licensed doorstep lenders and payday loan companies who all operate legitimately within the law. However, many of those on low incomes in the UK appear to be unable to gain access to legitimate finance from legal sources, or at least that is the impression they are under.

As we mentioned in one of our earlier post, now is the time for the UK government and regulators to step forward and re-educate those who believe that illegal loan sharks are their only option. Are we really living in a UK where those on the lowest incomes in the country feel they have no alternative but to turn to loan sharks who are charging upwards of 1500% interest on loans?

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details