Did you know that one on five victims find their loan shark on social media?
The number of loan sharks has increased on Facebook, Instagram and Snapchat to advertise their illegal loans and target potential victims.
The loan sharks lure people in with attractive loan offers and won’t ask for paperwork or credit checks. They will quickly resort to intimidation, threats and violence to enforce repayment and trap borrowers in a spiral of debt.
With Christmas around the corner, more and more people will fall into such a trap. Therefore, we are supporting the Stop Loan Sharks Week Campaign (#SharkFreeSurfing), from 3o November to 04 December 2020, to raise awareness of the dangers of such loan sharks and help people access advice and support if they have fallen victim to this crime.
Here are some ways that you can spot a loan shark.