Residents urged to keep an eye out for bogus loan advertisements

Steve Barras, Development Officer at Just Credit Union, said: “If anyone sees an advert, often on a postcard, that says things like ‘Need a loan contact Jenny’ or ‘Bank said no and you need a loan call Sam’ there’s a very good chance the person behind the message is a loan shark – with no authorisation to lend money legally.”

The member-owned community bank warned that if people borrow from loan sharks they are at risk of facing extremely high interest rates and may be threatened, intimidated or even attacked if they struggle to pay.

Steve said: “The Illegal Money Lending team do a fantastic job prosecuting loan sharks and supporting their victims and we are pleased to support their ‘shopashark’ campaign.

“We are asking people who spot a card of this type to let them know. You can send a picture of the card and details of the location either via direct message on social media or by using an on line form.

“People can leave their details in case they need more information, or they can send a picture anonymously. Any personal information given will be treated in the strictest confidence.

“The Stop Loan Sharks team will investigate so reporting these ads can help make the community safer.”

Even shopkeepers are asked to report any ads and Just Credit Union confirmed they themselves won’t be in trouble but could really help their customers. Adverts can be reported online or by emailing reportaloanshark@stoploansharks.gov.uk

Steve added: “It’s really important that people only borrow from regulated register organisations like Just Credit Union who will make sure any loan is affordable, and it also ensures the borrower is protected if things go wrong.

“If you are worried that someone you know has borrowed from a loan shark there is help available from Stop Loan Sharks and it is the lender who has broken the law not the borrower.”

By Peter Love - Contributor