Toynbee Hall money advisors warn against getting into hot water with loan sharks
PUBLISHED: 16:16 05 January 2017
Staff fished out some shark masks at Toynbee Hall in London's deprived East End to support 'Stop Loan Sharks' week.
The Whitechapel centre runs a free advice service to help households manage tight budgets.
But the advisors were warning that people needing quick cash loans were at extra risk of borrowing from illegal lenders during the seasonal spending spree.
Being tempted by easy loans can end up with borrowers in serious debt, they warned. It can result in paying back huge amounts well above what is borrowed—due to extortionate interest rates.
The @loansharknews campaign was reaching two-and-a-half million people last year through social media with the ‘Stop Loan Sharks’ message.
Toynbee Hall, which led the London-wide Capitalise Debt Partnership programme advising families on low incomes, has seen the results first hand when helping the victims of loan-sharks in their debt advice centre.
So staff were eager to spread the message and support this campaign. Their message was to check if a money lender is a ‘loan shark’ before taking the cash. Illegal lenders can be reported on 0300-555 2222.