LONDON, January 24, 2017 /PRNewswire/ --
(NEWSPRESS) - Cashfloat.co.uk, a new generation payday loan company based in London, has uncovered fascinating facts about Loan Sharks in the UK.
- An estimated 310,000 households in the UK are in debt to loan sharks.
- There was a 21% increase in people complaining about fraud and loan sharks activity in the last 2 months of 2016.
- Over 12% of people who applied to Cashfloat for online loans before Christmas reported that they were approached by loan sharks.
- Loan sharks are gaining popularity as fewer people get approved with FCA authorised lenders.
Cashfloat has released an 'Avoid Loan Sharks' campaign, aiming to help hundreds of thousands of loan seekers in the UK to avoid loan sharks' traps. The campaign includes a guide, fun infographic, and YouTube videos full of practical advice.
Western Circle Ltd (WCL), a London-based lending company trading as Cashfloat, has taken consumer protection to new levels this January. This week, Cashfloat are rolling out their 'Avoid Loan Sharks in the UK' campaign, explaining the risks of illegal lenders in an easy to understand way. This move is in response to the increased demand for short term loans with bad credit, where vulnerable borrowers are often unaware of the danger that illegal lenders pose.
Jeremy Lloyd, Director at Cashfloat says "We were getting more and more calls from people who'd been approached by loan sharks. At Cashfloat, we're all about safe and responsible borrowing, so when we analysed our statistics and discovered that loan sharks are on the rise, we decided that we have to do something about it."
This campaign aims to heighten awareness in the UK for consumers who may opt for loan sharks as a means to borrow money. Included is a guide of how to spot and report a loan shark, an infographic describing 5 ways to spot a loan shark, and a YouTube educational channel featuring "Save with Dave". It is hoped that consumers will make more responsible financial decisions as a result of this effort.
Cashfloat continue to revolutionise the payday loan industry by providing educational materials to help families in the UK to make independent financial decisions.
Cashfloat's comprehensive guide to 'Avoiding Loan Sharks in the UK' can be found here.
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