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Loan shark borrowing slammed
Published: 22/02/2007 |
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Consumers with poor credit ratings should make sure they never borrow from a loan shark, according to money education charity Credit Action. The group believes that there are three main options available for people who wish to borrow money but have a poor rating. Chris Tapp, associate director of Credit Action, said that doorstep lending from companies such as Provident Financial offered money over short periods of time. Although credit unions did not get a lot of publicity, Mr Tapp said that where they are available they are a viable option. Social Funds could also prove useful to those people who were experiencing financial difficulties, Mr Tapp said. However, he warned that the emergency government interest-free loan scheme possesses strict criteria. According to the Bank of England, personal debt in the UK excluding mortgages rose by nine per cent to £213 billion last year.  © Adfero Ltd
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