An estimated 310,000 people borrow from illegal moneylenders, which is likely to increase if the Financial Conduct Authority’s (FCA) proposed cap on interest rates for payday lenders is implemented and reduces the supply of credit ( Source of figures: BIS, Interim evaluation of the national illegal money lending projects – summary, London: BIS, 2010 )
An estimated seven million people use high-cost credit in order to cover income shortfalls
and meet unexpected expenditures;
More than 60 per cent of households using high-cost credit are in financial difficulties
compared with 15 per cent of mainstream credit users;
In 2013 StepChange advised 67,000 people regarding their payday loan debt, double the
number helped in 2012;
In Britain’s most deprived estates, one in 12 families borrow from illegal moneylenders,
compared with just one in 200 people amongst the general population.
( Figures from CSJ )
To report a loan shark:
An estimated seven million people use high-cost credit in order to cover income shortfalls
and meet unexpected expenditures;
More than 60 per cent of households using high-cost credit are in financial difficulties
compared with 15 per cent of mainstream credit users;
In 2013 StepChange advised 67,000 people regarding their payday loan debt, double the
number helped in 2012;
In Britain’s most deprived estates, one in 12 families borrow from illegal moneylenders,
compared with just one in 200 people amongst the general population.
( Figures from CSJ )
To report a loan shark:
- call the 24/7 confidential hotline 0300 555 2222
- text ‘loan shark + your message’ to 60003
- email reportaloanshark@stoploansharks.gov.uk
- private message http://ift.tt/1vq99jY
What is the ACTUAL risk of people turning to Illegal Money Lenders ?
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