Credit, Collections & Insolvency News
Over two million Britons are reportedly in debt to illegal lenders, a rise of 500,000 since 2022, according to the Centre for Social Justice (CSJ). Britain is facing a growing illegal lending crisis as record numbers of cash-strapped households turn to loan sharks to cover everyday living costs. The number of people borrowing from unscrupulous…
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Up to 1.9 million adults, equivalent to 4% of the population, are estimated to have used unlicensed money lenders or loan sharks in the past 12 months, according to an IPSOS UK survey commissioned by Fair4All Finance. The cost of living crisis has exacerbated this situation for many, reducing households’ headroom to absorb unexpected financial…
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UK banks could help stop loan shark growth by learning from US ‘small dollar loans’ products according to a new research by Fair4All Finance. The report says there is an urgent need for the mainstream financial sector to help address the credit vacuum for those on lower incomes, with loan sharks profiting from this financial…
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New research from Ipsos and Fair4AllFinance shows that 3 million people have borrowed money from an illegal ‘loan shark’ lender over the past three years, as high-street lenders turn people worrying about rising bills and mortgage rates away while the cost of living bites. Results from a new online survey amongst a representative quota sample…
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