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Avoid loan sharks

News from Rainbow Money Advice

Don’t get involved with a loan shark – yule regret it!

The England Illegal Money Lending Team* are warning people not to turn to loan sharks to cover the cost of Christmas.

Loan sharks are unlicensed lenders that charge extortionate amounts of interest.  They have been known to use threatening language, intimidation and even violence when demanding payments from their victims.

  • Avoid loan sharks because they will make a difficult financial situation much worse.
  • If you need to borrow money, check the lender is authorised and regulated by the Financial Conduct Authority.
  • There are legitimate services you can access for help with money, such as credit unions, which offer safe saving and affordable loans options. Find your nearest Credit Union.
  • You are not in trouble if you have borrowed cash or have been paying back a loan from an illegal money lender. The loan shark is because they are the people committing a crime, not you.
  • You can safely report a loan shark to the Illegal Money Lending Team on 0300 555 2222 or fill out the online form. 

*The England Illegal Money Lending Teams have secured more than 394 prosecutions for illegal money lending and related activity, leading to nearly 480 years’ worth of custodial sentences and have helped over 29,000 people.

Rainbow Money Advice holiday arrangements

London free from Poverty?

Please watch and share this short video featuring young Londoners talking about a capital free from poverty.

The video was launched 17th October 2019 by the 4 in 10 Network (which includes Rainbow Money Advice) at the London Child Poverty Summit.

What would a London free from poverty mean for you?

Benefits Scam

News from Rainbow Money Advice

In case you haven’t heard, people are being approached by individuals offering a “government grant” or “low cost government loans for a small fee”.

This is a SCAM

As this short video shows, you should never give your banking or personal details to anyone you don’t know.

£250 for Grandparents

NEWS FROM RAINBOW MONEY ADVICE


Grandparents can claim £250.

Are you looking after Grandchildren? If so, you might be entitled to £250 a year.

All is explained in this Mirror Money article, and there is a link to the Government website and an application form at the end of the article.