Trading Standards Scotland are warning people to stay clear of using Loan Sharks this Christmas.
If you borrow from a loan shark you will be caught in a web of debt that you may never be clear from. It may seem like a good idea but you can quickly be trapped by high repayments where if you can’t afford to repay, they’ll take it back in other ways.
Loan sharks may act like your friend, act like they are doing you a favour by lending you money, but that will all change if you miss a payment or you are late paying. They are only interested in making money from you and are not above making threats against you and your family members and that includes children.
We have top tips for accessing advice and avoiding falling into the trap of using loan sharks. These can be downloaded here.
Across Scotland there are many agencies that offer support to people who may be thinking of using a loan shark or have debt issues. You can find the detils of some of these organisations below.
If you want to report a loan shark or if you want further information on the work that Trading Standards Scotland are doing to combat loan sharks you can call 0800 074 0878 or click here to email the team.
You can downloand the promotional materials by clicking the links below.