How loan sharks prey on poorest Brits
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Published 2022-10-11
For many of those struggling, it's loved-ones, or credit cards perhaps.
But for more than a million people in the UK - thought to be a conservative estimate - the answer is loan sharks.
We've been speaking to those who've had their lives turned upside down after borrowing from illegal lenders, and following the work of specialist detectives trying to tackle a crime that takes its toll in more than money.
In this special report, we've changed names to protect the identities of those who shared their stories, and a warning: there is flash photography from the start.
All Comments (21)
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Yet these credit card lenders, car finance providers & pay day loan lenders somehow do it legally. What a time to be Alive
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Meanwhile, (online) gambling and sports betting advertisement is going though the roof. Not hard to see how just normal folks can walk right in to a situation that destroys their lives, with these sort of people preying on addiction, mental health issues or just plain bad luck.
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The price of fuel, food, rent, houses etc in this country are absolutely ludacris, people can literally work full time jobs and still not have enough money to exist!
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The real criminals get to do this legally.
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I got the police break into my house at five in the morning and arrest me on the same charge. I don't know why they just could not come round later to my place of work where I am the bank manager.
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We have loan sharks in Japan as well, here some of them target struggling small businesses desperate for one time liquidity. Their real intent is to take over their victim's assets after the victims default or when the victims are late in repaying loans that are much smaller than the assets that loan sharks are really after.
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When I was 18 I went 5p over my bank account because I bought something I didnt have enough money for. They charged me £35.
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Loan sharks exists because there is demand for quick loans from desperate people cut off from institutional lenders like banks and lending companies for their needs. Necessity drives desperation. Government should step in so people don't resort to such steps.
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Thank you Channel 4 ... Another excellent report!
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If you get any human being terrified enough to dig their own grave then you deserve far worse…
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There’s something heartbreaking about the ex-huckster having to explain to the interviewer that “yes, threats DO work!”
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£250 to £90,000 ---- that is some APR that
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We need to act, this is because of our government and it needs to end now.
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Tories: it's the immigrants fault, take back your sovereignty, beware of the moose lamb. Just forget all about the tax cuts for ourselves
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And this is only going to get worse for England this winter thanks to the current brilliant politicians ... 😞
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I wish they showed the same gusto when HSBC illegally sold me a ppi.
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Provident loan, sitting at 535.3% APR, current price. They've been at it for quite some time. They're doing very nicely by all accounts.
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doesn't this whole industry exist basically because banks don't lend? properly regulated government guaranteed loans like during 2020 can put sharks out of business
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Worst of humans are those that take advantage of those that are suffering and desperate
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Loans sharks are the lowest of the low. Avoid them at all costs. Nothing is worth it. I am sorry to people who have experienced this.
