| Loan Sharks Online Loan sharks are unlicensed and unregulated money lenders who lend money to the most desperate. However dire your circumstances NEVER use a loan shark. Their unregulated interest rates and charges can cause debts to spiral out of control and they may even use threats or actual violence to collect your debt. There are legitimate lenders who can lend to you whatever your circumstances - even if you are unemployed and on benefits. Alternatively, you may be able to get an emergency loan from the DSS or a local credit union. Doorstep lenders will lend to you regardless of poor credit and employment status. They are tightly regulated and have to adhere to a code of standards in the UK. Never be tempted to use an unlicensed or unregulated lender. The horror stories from people who have fallen prey to loan sharks are terrifying, they have lived in fear of their lives in some cases and for one couple an initial loan of £200 ended up costing over £200.000. |
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