Loan Shark Awareness Week
2020 - November, Latest news
PA Housing is supporting Loan Shark Awareness Week warning people that unlicensed lenders may look to take advantage of those who are most vulnerable at this time of year.
Many people will have been hit financially by the coronavirus pandemic, leading to worry and concerns regarding the payment of the most important bills like rent, utilities and necessities especially in the run-up to Christmas.
Some may be tempted to borrow money from an unlicensed lender as a quick fix.
Common signs that a lender could be a loan shark include:
- Being offered a cash loan with no paperwork
- Having huge amounts of interest or annual percentage rate (APR) added to a loan
- Being threatened by a lender
- Having a bank card, benefits card, passport, watch or other valuables taken as ‘payment’.
Anyone affected by illegal money lending and needing support can talk to the national illegal money lending team in confidence by calling their 24/7 helpline on 0300 555 2222 or email reportaloanshark@stoploansharks.gov.uk or text the lender’s details to 07860 022116.
If you are having financial troubles, the worst thing you can do is borrow from a loan shark, no matter how bad your situation seems.
If you've been financially affected and you need some advice and support, please get in touch with our Tenancy Sustainment Team by calling 0300 123 2221 then selecting option 3 then option 2, or email us at income@pahousing.co.uk
