When single mum-of-two Sarah began struggling to make ends meet she borrowed money from a family friend.
She said she trusted him “completely” but he turned out to be a loan shark. Sarah, not her real name, borrowed £3,000 and paid back £5,000.
The man was lending to around 100 people and has since been jailed.
The man was lending to around 100 people and has since been jailed.
The England Illegal Money Lending Team (IMLT) said traditionally people used loan sharks when they urgently needed to pay big bills like a new washing machine or car repairs.
But during the cost of living crisis, a worrying trend had developed in which people turn to illegal lenders to borrow smaller amounts for basic essentials, it said.
A credit union has also warned against borrowing from unofficial lenders as the expense of Christmas puts extra pressure on households.
Jackie Colebourne at Clevr Money said: “Do not borrow money from anyone who is not registered, even if you think they might be your friend. Just don’t.”
When single mum-of-two Sarah began struggling to make ends meet she borrowed money from a family friend.
The man was lending to around 100 people and has since been jailed.
She said she trusted him “completely” but he turned out to be a loan shark. Sarah, not her real name, borrowed £3,000 and paid back £5,000.
The England Illegal Money Lending Team (IMLT) said traditionally people used loan sharks when they urgently needed to pay big bills like a new washing machine or car repairs.
The man was lending to around 100 people and has since been jailed.
The man was lending to around 100 people and has since been jailed.
The England Illegal Money Lending Team (IMLT) said traditionally people used loan sharks when they urgently needed to pay big bills like a new washing machine or car repairs.
But during the cost of living crisis, a worrying trend had developed in which people turn to illegal lenders to borrow smaller amounts for basic essentials, it said.
A credit union has also warned against borrowing from unofficial lenders as the expense of Christmas puts extra pressure on households.
Jackie Colebourne at Clevr Money said: “Do not borrow money from anyone who is not registered, even if you think they might be your friend. Just don’t.”
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