Thousands turn to loan sharks
A survey by Unite has revealed that thousands of families are using payday lenders and loan “sharks” in order to survive. Eight out of ten people (82%) say their wages don’t last the month, while 12% say they have to resort to high street payday loan companies just to pay the bills. Meanwhile, the Government has announced a £38mn package for credit unions to help a million low-paid workers get easier access to cheap loans.
This is becoming more prominent everyday as people who have lived in this world of buy-now-pay-later! Or you can have anything you want at 0% interest for 12 months, then the dye is set and when the going gets tough, people turn to these pay-day loans. Even our government supports many of these types of schemes, as being a better proposition than the longer term alternatives. The truth is far different as they may well provide money quickly, with very few questions asked, but ask yourself why? No lenders l know or have ever dealt with in the past, do something for nothing! Their only aim is making profits fast and quickly and usually as much as possible.
So when borrowing becomes that easy!
Ask yourself this question? What is in it for them and if it is more than you, check out the small print and ask for a copy prior to signing any contract.
And remember these words! You can sign for a million and you can also sign away a million! There are many people ready to fleece any sheep that passes their way! Also lenders who purport give something for nothing are ” Wolves In Sheep’s Clothing” waiting for all those who want an easy way!
Need free advice leave me a message and l will email you direct?
- Loan sharks and that semblance of legality (timesofmalta.com)
- Borrowing at 4,000% interest just to pay bills… Thousands of families using payday lenders and loan sharks to survive (mirror.co.uk)
- Net closes on scourge of loan sharks in region (yorkshirepost.co.uk)
- Bankrupt loan shark handed hefty fine (nzherald.co.nz)