Loan sharks preying on 'desperate' families as cost of living soars
manchestereveningnews.co.ukConcerns are rising about loan sharks preying on desperate families in a 'deprived' part of Cheshire, as the cost of living crisis worsens. ‘Loan shark’ is a term used to describe a lender not authorised by the Financial Conduct Authority (FCA).
They typically tend to give out loans easily to customers, before charging them extortionate interest rates, which they are often unable to pay back.
The illegal lenders then often turn to violent or threatening behaviour to retrieve the money ‘owed’ to them and have in some cases, forced victims into drug-dealing or prostitution to pay off their debt.
Areas of Halton, in Cheshire, are reportedly seeing an increase in unlicensed moneylenders - who often target families on low incomes, charging unattainable interest rates, CheshireLive reports. READ MORE : 'Ruined forever' - Mum's teeth left as tiny stumps after 'devastating' dental treatment in Turkey Now calls are being made for residents to stop the illegal traders in their tracks as reports flood in of unsolicited door knocks in the borough.
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