Beware of Loan Sharks

Loan sharks are illegal lenders who often target low income and desperate families. They may seem friendly at first but borrowing from them is never a good idea – even if your credit rating is poor or you only need a small amount for a short while. Loan sharks can at first seem friendly but often use intimidation and charge far more interest than other more credible sources of credit.

The Financial Conduct Authority (FCA) keeps details of all licensed lenders, as well as everyone who has applied for a licence or has had one taken away or suspended.

Check the Consumer Credit Register to see if a lender is licensed.

Don’t bury your head in the sand —talk to us, we don’t bite

Our Money Advice team ask you not to let money troubles loom over you, they are here to talk and help in any way they can. The team pride themselves on being friendly and approachable – they very much want you to know that they ‘don’t bite’. They aren’t there to judge, they are there to help. All of the team are qualified money advisors and last year the team put over £1.4m back into residents’ pockets alone – moneyadvice@melinhomes.co.uk or call on 01495 745910.

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