Beware Loan Sharks Online

The England Illegal Money Lending Team (IMLT) have launched a new campaign aimed at tackling illegal money lending on the internet and warning of the dangers of online loan sharks.The campaign comes amid concerns more people are falling prey to unscrupulous lenders online as statistics show one in five victims met their lender on social media in the first half of 2020.Loan sharks are increasingly using social media platforms, such as Facebook,Instagram and Snapchat, to advertise their illegal loans and target potential victims.These criminals will lure people in with seemingly attractive loan offers but will quickly resort to intimidation, threats and violence to enforce repayment and trap borrowers in a spiral of debt.Fusion Credit Union offers affordable loans.

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