Beware of predatory loan sharks as Christmas costs begin to rack up

A fifth of illegal money lending victims originally borrowed to cover the cost of the festive season, according to the England Illegal Money Lending Team.

Now it is working with West Yorkshire Trading Standards to warn that what may seem like a quick-fix solution could end up costing borrowers dearly.

Tony Quigley, head of the team, said “No matter how much you are struggling financially, loan sharks are not the answer. They are motivated only by their own greed and are not offering you a service.

“These criminals should always be avoided at all costs. They could easily ruin your Christmas and you could be subjected to years of harassment, paying back your loan several times over.”

Anyone in need of a loan is urged to use a credit union instead.

The team has warned it will prosecute anyone found to be illegally lending in the region. Past investigations have led to 218 prosecutions, resulting in prison sentences totalling nearly 140 years and almost £40m of illegal debt being written off.

To report a loan shark in confidence, call 0300 555 2222.