Nearly one in ten people in the UK turned to a loan shark for financial support last year, and it’s estimated that more than one million people across the country currently owe money to an illegal lender.
No matter how bad things are, it's never a good idea to go to a loan shark for help. Aside from the huge interest rates, loan sharks operate outside the Financial Conduct Authority (FCA) and use threatening behaviour and intimidation tactics to charge whatever they like for a loan. Watch the video below on how to spot a loan shark.
If you are struggling, there’s always another choice. You can find out more about loan sharks and how to avoid one here.