Christmas consumers warned against 112,000% loan sharks

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Christmas consumers warned against 112,000% loan sharks

A warning has been issued in East Anglia as loan sharks prey on disadvantaged people as the festive season draws closer.

The Eastern Daily Press reported that trading standards officers have uncovered some illegal money lenders who charge interest rates that add up to as much as 112,000 per cent.

In addition, there is also concern that women are being coerced into sleeping with the loan sharks in lieu of repaying their debt.

Ann Jackson of Norfolk county council trading standards said that single mothers were the most vulnerable and feared that people would turn to loan sharks over Christmas as affordable credit is hard to come by.

She added that small businesses were also at a high risk of becoming indebted to such people.

Meanwhile, thisishampshire.net reports that a government loan shark hunting team has started investigating in the south-east.

The loans being investigated total about £375,000, with efforts being concentrated on a small number of areas, including Southampton.

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