In 2018, research was carried out to explore the experiences of individuals who had used illegal money lenders in Scotland.
The research highlighted some of the financial and psychological effects of using illegal money lenders:
“I borrowed the money because I had no food for my daughter, no electricity and no pet food. I’d have managed myself, but I couldn’t face having no food for my daughter. She’s 17 so she still relies on me”
“I know there is a moneylender round every corner, I’m not sure how, I just know.”
“They said that if I didn’t pay, the cost of the loan would go up.”
“The moneylender knew what day I get paid. He’d be there at the bank to collect from me.”
“I did think about not paying, but my brother was getting threatened too. I knew they would do something. These aren’t hollow threats, they are real. The people I am dealing with are serious.”
“It was the worst thing I ever did.”
Read the full report here.
Watch our video below to see a dramatisation of two real-life stories of victims of illegal money lenders in Scotland.