More than 100,000 families in the UK are being forced to pay back debts at an interest rate of up to 1,500% after being targeted by loan sharks. An estimated £29m worth of illegal loans were taken out to fund the festive season alone, which is the highest figure for this type of borrowing for a generation.
The Financial Inclusion Centre estimate that the number of families lured into using loan sharks who knock on their door is growing year on year, with vulnerable families borrowing on average £300. Loan sharks do not have a consumer credit licence and are not authorised to lend money, which means the person taking out the loan has no protection.
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