Loan sharks warning

STRUGGLING borrowers are being urged to steer clear of illegal loan sharks offering “quick cash fixes” which will make their problems worse.

The Local Government Association (LGA) said money lenders operating outside the law may charge sky-high interest rates, rely on extortion, rarely issue paperwork and are likely to plunge people into deeper debt for longer.

It said in extreme cases, loan sharks have been prosecuted for blackmail, violence and kidnap.