Campaign warns against loan sharks

Communities and Tackling Poverty Minister Jeff Cuthbert is backing a new campaign warning people of the dangers of using loan sharks.

Community Housing Cymru and the Wales Illegal Moneylending Unit (WIMLU) have a launched the ‘Don’t Get Bitten by Loan Sharks’ campaign to combat the problem of illegal money lenders.

Every year in Wales, thousands of people turn to illegal money lenders or loan sharks. Figures from WIMLU reveal that number of people in Wales turning to loan sharks has risen from 15,000 victims in 2009 to 26,000 victims in 2011/12, a 40% increase.

This month the Welsh Government announced a £1.2 million of financial support for credit unions across Wales to help them increase membership and develop additional financial services and products to meet the needs of customers.