LOAN SHARKS – don’t get bitten

With tight finances it’s tempting to find avenues of getting hold of some extra pennies but The Wales Illegal Money Lending Unit (WIMLU) is warning students in financial difficulties about the dangers of resorting to un-reputable money lenders or loan sharks.

If you turn to loan sharks for credit you can soon find yourself in dire straights as the interest rates are sky high.

Top Tips:

  • Don't be taken in by offers of easy loans - it's never that simple.
  • If in doubt don’t borrow. 
  • Be realistic and budget before getting into financial trouble
  • Seek advice before you get into financial difficulty
  • Contact your University Welfare Officer or Finance Officer for advice before accepting a loan
  • Speak to the Wales Illegal Money Lending Unit if you are approached to raise awareness and for further advice and support.

Across the UK students have fallen prey to loan sharks via text or social network sites where they have been offered ‘easy money’. Others have been approached by cold callers at the door offering loans.

Anybody who has fallen victim to a loan shark should contact the Wales Illegal Money Lending Unit 24 hour hotline in confidence on 0300 123 3311.

Email: imlu@cardiff.gov.uk or text ‘loan shark’ to 60003.
Twitter – twitter.com/loansharknews

 
 

 
 
 

Finance - Cardiff Credit Union for Students

Cardiff Credit Union is a savings and loans organisation that is run by its members, for its members. We offer a safe and secure place to save, whilst providing low cost loans with easy repayment plans and no additional fees. Credit Unions offer a local alternative to banks and building societies.

We are a non-profit, ethical, organisation that is supported by the Welsh Assembly Government and Cardiff County Council. We aim to form a social enterprise where members are encouraged to approach financial matters responsibly.

Cardiff Credit Union is regulated by the Financial Services Authority and savings are protected by the financial services compensation scheme. Cardiff Credit Union is also insured against theft and fraud.

Certain areas of Cardiff are targeted by doorstep lenders and loan sharks, who can sometimes seem to offer a ‘helpful’ service, delivering cash to your door with no questions asked, however what they won’t always tell you is that their charges and rates of interest are incredibly high!

How do the loan rates add up?