Quick and easy access to cash can be very tempting when money is tight and bills need paying. Unfortunately, this is where some money lenders prey on vulnerable people by lending funds illegally.
Borrowing from these “loan sharks” is risky. They charge high interest rates and often use dishonest tactics or threats to get their money back – while the amount owed keeps rising.
Stop Loan Sharks Week, running from 11-17 May 2026, aims to help people spot the warning signs that a money lender might be unethical. The signs include:
- They provide no paperwork
- They refuse to tell you the interest rate or how much you owe
- They increase the amount you owe even though you are making regular payments
- They take items such as bank cards, passports or driving licences as security
- They can be intimidating or aggressive
If you are on a low income with a poor credit rating and need a short-term loan for a small amount of money, don’t fall prey to a loan shark. Instead, a Credit Union may be able to help. Hull and East Riding Credit Union is located at 38 Brook Street, Hull HU2 8LA and can be contacted on 01482 778 753. To find out more, visit www.hullandeycu.co.uk