Residents urged to stay away from loan sharks (From Stourbridge News)

Residents urged to stay away from loan sharks

8:00am Monday 7th January 2013 in News

RESIDENTS across the borough are being warned not to get bitten by loan sharks this New Year.

Dudley Council is urging people struggling for cash at this time of year to avoid being tempted by loan sharks who are not licensed to lend money legally.

Credit unions are recommended as a safe, alternative lending and saving facility.

Councillor Tracy Wood, Dudley’s cabinet member for environment and culture, said: “Loan sharks will often resort to the most extreme methods to enforce repayment.

“Residents should avoid these lenders and report loan sharks so others don’t become their victims.”

Councillor Judy Foster, Dudley’s cabinet member responsible for community safety, said: “Lending without a licence is a criminal offence.

“There are cases of extreme violence and worse when borrowers can’t meet their demands and I would encourage every resident to start the New Year without the threat of a loan shark.”

To find out about Dudley’s Castle & Crystal Credit Union visit website castleandcrystal.co.uk or call 01384 815771.

Loan sharks can be reported confidentially by calling 0300 555 222 or to find out more visit direct.gov.uk/stoploansharks