Look after your money this winter – We’ve got advice on loan sharks and how to get the most from your cash

There’s often many tempting short term loan options around this time of year, but official lenders have to follow the law. Loan sharks are busy at this time of year, offering you cash with huge interest rates which can take years to repay.

If you’re concerned about money, instead of going to a loan shark, please speak to our team on 0333 400 8222, and we can help you with budgeting advice and support.

Another thing to watch out for is loan fee fraud.  Loan fee fraud occurs when people pay an upfront or advance fee for a loan they never receive. It’s an increasingly common scam reported to the Financial Conduct Authority, with people losing £220 on average. 

The good news is that you can protect yourself with this quick three-step check:

•          If you’re asked to pay an upfront fee, it could be a scam.

•          If you’re asked to pay quickly, it could be a scam.

•          If you’re asked to pay in an unusual way, such as vouchers or money transfer, it could be a scam.

Always check that the provider is authorised by the FCA before you borrow. Visit the FCA’s Financial Services Register.

If you’re worried about your finances in the lead up to Christmas, you can also use our money advice tool, please get in touch with our team on 0333 400 8222 to get started.

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