Ask The Question
As more people struggle with rising bills and costs, the Scottish Illegal Money Lending Unit is urging individuals to Ask the Question before borrowing money. The cost of living crisis has led to a rise in illegal money lending and people in financial difficulties may feel that they have no option but to turn to a loan shark.
People are also being encouraged to ask awkward questions of friends, family members and colleagues if they are worried they may have borrowed from a loan shark.
Organisations who offer advice and support are being urged to ask the right questions of clients to find out whether they have borrowed from an illegal lender.
Find out more about the kind of questions to ask below:
Individuals
Before borrowing money from anyone, Ask The Question:
- “Has the lender been authorised by the FCA?”
- “Will you tell me exactly how much I’ve borrowed and how much I need to pay back?”
- “Will you give me paperwork and a clear repayment plan?”
- “Can I trust that you won’t add interest or extra charges without warning me?”
If the answer is no, they may be a loan shark.
Find organisations who can offer confidential and non-judgemental support and advice here
Friends/Family
If you’re concerned that a friend/family member may have borrowed money from an illegal lender, Ask The Question:
- “Are you worried about a loan shark?”
- “Is someone you have borrowed money from threatening you?”
- “Are you worried about the amount you’ll have to repay for a loan you applied for via social media?”
- “Are you struggling to find a way to repay money you have borrowed?”
- “Can I help you find someone who can support you and help you avoid loan sharks?”
If you are concerned that a friend, family member or colleague has borrowed from a loan shark, you can contact us in confidence to find out how to support them.
Organisations
If you’re concerned that a client may have borrowed money from an illegal lender, Ask The Question:
- “Are you worried about a loan shark?”
- “Is someone you have borrowed money from threatening you?”
- “Are you worried about the amount you’ll have to repay for a loan you applied for via social media?”
- “Are you struggling to find a way to repay money you have borrowed from someone?”
- “Can I put you in touch with someone who can help you avoid loan sharks?”
If you are concerned that a client has borrowed from a loan shark, you can contact us in confidence to find out how to support them.
