Payday loan companies advertise everywhere – on TV, in papers and magazines, in leaflets that come through the door – and they have shops on every high street.
They’re after the 3½ million people who struggle to make ends meet between paydays, and they deliberately try to look friendly and helpful.
They promise ready cash, which can be tempting - but unless you're really good with money, it can fast become a debt you can't get out of. The loans these companies offer have massive interest rates, which mean you could be paying back more than ten times what you borrowed originally.
If you can't get a bank loan from a reputable bank or a credit union, and you can’t borrow money from family or friends, you may think about using a loan shark.
Please don’t consider it – even as a last option.
Loan sharks are illegal moneylenders who charge very high interest rates. They are often unlicensed.
They will often use violence, intimidation, threats and blackmail if you fall behind with your payments.
We take tough action against loan sharks.