'Sharp rise' in loan sharks in Wales this Christmas
Financial Support Group Stop Loan Sharks Wales says the number of loan shark victims has increased this month
Financial Support Group Stop Loan Sharks Wales says the number of loan shark victims has increased this month.
The group defines a loan shark as:
"Loan sharks lend money and charge interest on the loan without the legal authority. They operate within our communities often taking advantage of vulnerable people.
"Not always violent criminals, loan sharks seem friendly and helpful when you are in need.
"They can be a small lender taking advantage of friends or family, a rogue landlord or employer, a work colleague or a member of a community group."
Ryan Evans from Stop Loan Sharks Wales says he expects there to be more victims - especially with Christmas on the horizon.
"We're getting more cases in Wales now.
"We're getting more cases than I've seen for many years and that's been for the last eighteen months.
"We're having cases now coming in before Christmas, normally t's after Christmas that the heat starts coming on, so it just shows how much people are struggling out there."
When asked how loan sharks usually operate, Ryan said:
"I think a lot of people have bought the money prior to December and things tend to be quicker in January because they think they're able to pay the money back.
"Things get tricky around February, March and April when instalments are missed and that's when the loan sharks tend to start the pressure coming on."
Ryan believes that all people are resorting to borrowing of loan sharks as the cost of living crisis continues:
"We're seeing it a lot more this year.
"One of the changing trends this year is an increase of loan shark activity across Wales.
"We're actually seeing that the people that are borrowing from loan sharks are not only people in work, but people with fairly well-paid work and we can see that more as prices rise."
Stop Loan Sharks Wales says they are there to support victims and protect people from illegal lending and related crimes.