Money Lending Teams – you may have heard of a loan shark, but you may not have heard of a money lending team.
What are Money Lending Teams?
Money lending teams were first put in place in England as a way to deal with the rise in loan sharks providing illegal money lending.
A loan shark is someone who lends cash to someone, typically someone who has found it difficult to be accepted for a loan through conventional means or someone who is desperate for money fast.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
The loan shark may seem lovely and helpful initially, but they can soon change.
Loan sharks have been known to threaten individuals who owe them money, charge ridiculously high interest on loans and may even take a person’s valuables to make up for some of the repayments.
As you can imagine this behaviour has a real detrimental effect on someone and is why with government funding, money lending teams were put in place to help deal with individuals that have been affected by loan sharks.
How the money lending teams work is by trying to stop these loan sharks from being able to function in our communities. The team usually consists of specialist investigators and Liaise Officers that have a background in the police, with trading standards or have debt advice experience.
With the money lending team, they are able to pull their resources together to work towards prosecuting the loan sharks so that they can not harm any other individuals and help to protect those that have been put under the stress of the experience.
The money lending team provides consumers with the facility to check if the lender they are considering is legal to ensure they are protected.
The team aim to protect the public and businesses from walking in to trouble with these illegal scammers and to help prevent it from the get go.
Need Help Due To Loan Sharks?
If you have been taken in by these rogue lenders, the team will work with you to help deal with them.
You do not have to be ashamed of being coned by these sharks, they are very clever and experienced in convincing you to lend from them. They will always start off nice and change as soon as you receive the money.
Borrowers and the public are an important part of the process and should not be afraid to come to the team to voice their concerns to prevent this from happening to anybody else.