Mike warns of summer loan sharks

Swansea East AM Mike Hedges has today warned families living in the Swansea area to beware of loan sharks this summer.

As the school year ends, illegal money lenders will be targeting hard working families who might be looking to raise a little extra money for a summer holiday.

In some extreme cases, loan sharks have been known to charge extortionate rates of interest, sometimes in excess of 1,000% APR.

Speaking on the issues, Mike Hedges AM:

“Loan sharks feel no guilt about their immoral dealings even when it can lead to a life of financial ruin for some families. While it may be tempting to take that extra money in the short term, the consequences can be dreadful.

“If people are struggling for financial help then Credit Unions, like the LASA Credit Union in Swansea, offer a safe and easy place to turn to. I urge any victim, friend or family member of a loan shark’s activities to get in touch with the Wales Illegal Money Lending Unit’s 24 hour helpline on 0300 123 3311.”