Who is the Illegal Lender?
Did you know that they are hidden between us? In our families and work places. How to spot an illegal lender who we call loan shark as well.
It is a tricky one though! Imagine you have a nice co-worker, who you've shared your financial pain with, lending you money to help you out but add high interest to it. You pay back your debt to your co-worker in instalments but it is never fully paid! Soon enough, they start bullying you to take more money as interest over what they already charged you. That person is an illegal lender, a loan shark.
Then, the loan shark that lent you money starts threatening you and your family to more and more. You buy your safety by paying them what they ask you. A non-ending cycle that can only be stopped by reporting them to legal entities.
You may blame yourself for taking a loan from a loan shark in the first place. You could seek other ways, but your income is too low to get approved for a loan or your credit score is low that the interest is too high.
Don't blame yourself any longer. It is time to fix it and fix your finances.
You can report the illegal lender to the authority in secrecy via Stop Loan Sharks who follows up, investigates and takes legal action towards them, making sure you are safe at all stages.
But what about you? Your finances? You should think about a proper way to manage your money and get financial stability without having to fall into the hole of illegal lending.
You need to look into having a membership with your local credit union. A credit union is a community owned organisation, local, independent from any commercial institution. It is a social solution, where people save money little of their money into a pool. That money is lent out to those in need with a limited interest to cover the operational expenses. It makes a huge difference in saving money, we're talking about hundreds of pounds. Just google credit union benefits, there are no downside to it at all.
Credit unions also arrange partnerships with employers for the sake of employees with low income to be able to take out loans legally and save without feeling the deduction pressure. This is arranged with the credit union where you get proper advice about how much you can take out without putting yourself into financial hardship. As part of our credit union mission, we also help you save money within your loan, that when you finish paying back your loan, you already have money saved aside for you. It is a win-win situation.
The process of automation when the little amount is deducted from your salary, put you at ease of mind. You can check with your employer if they are partners with their local credit union and you can become a member to start building your financial stability.