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Midlands charity tackling loan sharks head on

Posted on 19th Dec 2024

A Midlands charity is rolling out a series of awareness sessions in its community aimed at tackling the rising issue of loan sharks in the region.

Citizens Advice Staffordshire North and Stoke-on-Trent (CASNS) is actively working with like-minded organisations to spread the message about dangerous loan shark activity and the steps that can be taken to prevent money issues from spiralling.

In the UK, anyone lending money to someone must be registered with the Financial Conduct Authority. If someone gives money as a cash loan and doesn’t provide legitimate paperwork, they’re an illegal money lender – or a loan shark.

It can lead to people paying large amounts of interest and paying back much more than the original sum.

According to latest statistics released from Creditspring in 2024, around six per cent of Brits may have turned to a loan shark in the... Read more

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