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The amount of people in Wales turning to Illegal money lenders has risen by 40%.

The Wales Illegal Money Lending Unit (IMLU) reported an increase from 15,000 to 25,000 since 2007.

One of the most vulnerable areas is in Cardiff.

Loan sharks or illegal money lenders often target the most vulnerable people such as those on low incomes, according to the Wales Illegal Money Lending Unit.

Credit Union’s in Wales are advising people to access their services instead of turning to loan sharks. Leanne Herberg, CEO at Cardiff and Vale Credit Union said “We would encourage anyone who lives or works in Cardiff or the Vale of Glamorgan to come and save and borrow with us instead of reverting to loan sharks in times of need.”

You can find out more about this story here.

Posted: Thursday, 04 August 2011

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Cardiff & Vale Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213467)