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Jul/090
Jul/090
Loan Sharks Re emerge as Banks Dry Up
As the recession hits all time highs, and regulated lenders tighten criteria for lending, loan sharks are remerging to take advantage of vulnerable borrowers.
Loan sharks are unregulated, illegal and charge high rates of interest. This is totally unacceptable in the current economic climate but more and more people are forced to turn to illegal sources of lending as the downward spiral of the recession causes banks and other sources of regulated lending to ‘dry up’.
The Government are urging people not to turn to loan sharks in their time of need, and are calling for councils to open their own banks or pump funds into regulated credit unions.
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