Don’t get caught out by loan sharks

News
News

Learn how not to be stung by loan sharks, at a pair of awareness events taking place on Tuesday (January 20).

The SaferMK Partnership is working with Thames Valley Police and other partners to raise awareness of loan sharks and other illegal money lenders in Milton Keynes.

Research has shown that loan sharks will often target people who are on low incomes, as well as those who may, for various reasons, struggle to obtain credit from legitimate sources. The campaign is aimed at reaching out to those who are most at risk, and showing them that there is support available and also aims to highlight how communities can identify both victims and offenders.

Loan sharks will typically appear friendly at first but their behaviour can quickly change with some resorting to threats, violence and intimidation to enforce their debts and often this can lead to threats against the individual’s wider family and friends. They operate illegally, without the correct permissions from the Financial Conduct Authority and rarely give paperwork, keeping borrowers in the dark as to how much they are paying back. Some will even take items such as passports as security or even bank cards with the PIN in order to withdraw directly from borrowers accounts.

The talks take place on Tuesday, from 2.304pm and 6.30-8pm, at Oldbrook Christian Cente, Strudwick Drive, Oldbrook.