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Date: April 30, 2024 Tue
Time: 12:31 am
Time: 12:31 am
Results for loan sharks
1 results foundAuthor: Leslie, Chris Title: Circling the Loan Sharks. Predatory lending in the recession and the emerging role for local government Summary: 200,000 people in Britain are at risk from illegal loan sharks because they cannot access credit from traditional lenders according to a new report published today (Mon). A combination of the reduction in sub-prime lending, often known as "door-step lending", and the economic downturn may lead to more people having to use illegal money lenders according to the independent think tank the New Local Government Network. The report predicts that an additional 35,000 people are likely to have to use loan sharks during the recession but admit that the figure could be even higher. The think tank is urging local authorities to put additional resources into local credit unions and even to use new Council Banks to offer affordable credit to people who can't access high-street loans. NLGN warns that the legal sub-prime market has declined since the recession. It predicts that an additional 250,000 people will lose access to doorstep lending under the downturn. This period has also seen the number of loan refusals by the Government's emergency Social Fund increase from 316,000 to 596,000. The report warns that customers who would have previously used these services may now have to turn to loan sharks. It argues that local authorities need to step in to protect vulnerable people in their local community by offering a range of support including more Credit Unions, mapping predatory lending and enhancing enforcement against loan sharks. Details: London: New Local Government Network, 2009. 44p. Source: Internet Resource: Accessed August 3, 2015 at: http://www.nlgn.org.uk/public/wp-content/uploads/circling-the-loan-sharks.pdf Year: 2009 Country: United Kingdom URL: http://www.nlgn.org.uk/public/wp-content/uploads/circling-the-loan-sharks.pdf Shelf Number: 136288 Keywords: Financial CrimesLoan Sharks |