Stop the Loan Sharks

Hi Resident,

I would like to make you aware that Loan Sharks continue to prey on people who need to access to sums of money and unfortunately Far Cotton is not exempt. To understand what a Loan Shark is is a good starting point:

The definition of a Loan Shark is someone who lends money in the course of trade or business without the correct permission from the Financial Conduct Authority (FCA). It is simply NOT having the correct permission to lend money! But don't worry, you are perfectly fine to lend money to a friend or family member as long as you are not doing it for financial gain or on a large scale.

During a recent training event I was shocked with the facts provided by the government team:

Not only can there be extortionate repayment plans in place but there is a risk of coercive, controlling and manipulative behaviours to make the victims feel like they are the ones who are actually in the wrong and breaking the law. They make victims feel ashamed and guilty that they have borrowed money from them. They make their victims feel vulnerable and reliant on them for money. In some cases, they even take victims, bank cards and passports off them for ‘security’ so that they can control their victims.

If you know anyone who may be using a Loan Shark please seek advice to protect them and other potential future victims: