25 January 2024
Loan Sharks: The Warning Signs
Beware of Loan Sharks Here at Cardiff and Vale Credit Union we work with Stop Loan Sharks Wales to raise awareness about the dangers of loan sharks, and help to provide aid and support. Here are some tips on spotting a loan shark and not becoming their next victim.
Spot the Warning Signs
Loan sharks are not easy to recognise, so we need to establish their traits and understand the warning signs. Stop Loan Sharks Wales have compiled a list of warning signs to look out for:
- Threatening behaviour: loan sharks can become threatening if you miss payments, even if they were friendly at first.
- No paperwork: the amount you owe will be unknown and could be changed.
- Collateral holdings: loan sharks may keep your valuables as collateral in case you do not do as they say.
- Increasing debt: your debt will keep on piling up even through you are consistently paying.
Make Use of Resources
Stop Loan Sharks Wales have many resources on their website, from a confidential contact form to primary and secondary school teaching materials on financial wellbeing and literacy. There is also advice on what to do if you know someone who is involved with a loan shark: listen, acknowledge, reassure, and support.
Loan sharks are going to make any difficult situation much worse. If you are struggling, please do not hesitate to contact us, or your local credit union. Credit unions can offer loans with lower interest rates, and will never put you in a situation where you have borrowed more than you can afford to pay back. As well as this, we understand that sometimes things feel unmanageable. We set up payment plans suitable for our members if they have been struggling with loan repayments.
If you are a victim of a loan shark, or know someone who is, please do not hesitate to get in touch with us or Stop Loan Sharks Wales. We will do everything we can to help.
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The source for this article was Stop Loan Sharks Wales. For more information, please contact them by clicking the link: https://stoploansharkswales.co.uk