Ever tempted by using a loan shark?
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.
Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you
It has been revealed that a man who borrowed £250 from a loan shark was ordered to pay back £90,000 in order to protect his family.
The man, only identified by the name Mike, was just 17 when he decided to take the money to help him pay for his first car – reports the Mirror.
Unable to pay back the money immediately, more and more interest was added to Mike’s loan by the shark and he was eventually forced to pay a massive £90,000 to the illegal lender when his wife and children were threatened.
Distressed by the ordeal, Mike suffered a heart attack and also tried to commit suicide as he lost his house amongst other possessions to try and pay the shark.
Eventually, Mike decided to contact the Illegal Money Lending Team who reported the shark and consequently ensured an eight-month prison sentence for the lender.
Mike’s story should be a lesson to us all.
Firstly, do you really need to lend money? Looking back, was Mike’s new car really essential?
Secondly, if you do need the money in order to pay a bill or another urgent charge, make sure to use a genuine and responsible lender.
Nowadays, there are many short-term loan companies – like Ferratum – that provide small cash advances to those in need of a swift pay fix – at much more competitive interest rates than loan sharks!
These genuine loan websites will encourage responsible lending and take into account your monthly income and likelihood of paying back the loan within the permitted time slot.
The interest that you are required to pay back on your loan is made abundantly clear at the start of the application process and you know exactly where you stand.
Thinking about borrowing some cash? Don’t use a loan shark. Use a reputable lender.