Don’t get bitten by a loan shark

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

We ask our residents to speak our Money Advice Team before taking out any loan or debt – email us on moneyadvice@melinhomes.co.uk , message us on Facebook or call 01495 745910.

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