Jeff Cuthbert AM has warned residents in Caerphilly to beware of loan sharks in the run up to Christmas.
The winter holiday has become a notorious hunting period for illegal money lenders as they look to take advantage of hard working families who need that extra bit of cash.
In some extreme cases, loan sharks have been known to charge extortionate rates of interest, sometimes in excess of 1,000% APR.
Jeff Cuthbert said: “Loan sharks are dangerous people who prey on the most vulnerable members of the public in Caerphilly. In the run-up to Christmas they know that some people will be desperate for money with extra bills and presents to pay for.
“I urge any victim or friend or family member of a loan shark’s activities, to call the Wales Illegal Money Lending Unit’s 24 hour helpline on 0300 123 3311
“If you are struggling for financial help then Credit Unions offer a safe and easy place to turn to. Ring Smart Money Credit Union based in Caerphilly on 029 2088 3751 or e-mail [email protected].”
Labour’s Social Justice Minister, Carl Sargeant, added: “Borrowing even a small amount of money could mean paying back thousands of pounds in interest. Victims often find they are unable to repay such extortionate interest rates and can face threats of violence.”
