Parents and guardians are being urged to enjoy a #SharkFreeSummer and be aware of the risks posed by illegal moneylenders during the summer holidays.

In the run up to the new school term, many families will feel under increasing pressure to spend money on uniforms, bags, stationery and lunches. They may feel that they have no option but to borrow money from a loan shark to help pay bills.

Through our Shark-Free Summer campaign we want to raise awareness of other options that are available to families, including government grants and funding that they may be eligible to receive, credit unions, free debt advice and support from local communities, schools and charities.

Research commissioned by SIMLU has found that 7% of respondents had encountered a loan shark either in their community or online. Across the wider population, this equates to around 300,000 people who are at risk of turning to a loan shark.

Illegal lenders are increasingly operating online, offering quick and easy loans via social media and WhatsApp. These loans can seem attractive to those in crisis situations; however, the lenders are not usually authorised by the Financial Conduct Authority and often charge huge interest rates. They don’t always provide paperwork or clear terms of the loan, which allows them to exploit people and trap them in a seemingly never-ending spiral of debt.

If you have borrowed from a loan shark, please seek help from us by calling our free, confidential helpline on 0800 074 0878 or via our online form or by calling its dedicated phone number.

Find Support and Advice

• Parent Club – support with money and benefits: www.parentclub.scot/topics/money-work
• Find information about help and resources available in Scotland to help with the cost of living: https://costofliving.campaign.gov.scot/
• Find out if you are eligible to receive a school clothing grant: www.mygov.scot/clothing-grants
• Find information about support with meals during school holidays: www.mygov.scot/primary-school-meals/help-during-the-school-holidays
• Joining a credit union can help fund purchases of clothes and shoes for the new school year – find your local credit union: www.findyourcreditunion.co.uk
• Find out if there are any benefits you are entitled to but are not yet receiving: www.moneyadvicescotland.org.uk/benefits-calculator
• Citizens Advice Scotland’s Money Map can help you find support to increase your income and reduce bills:https://moneymap.scot
• If you’ve bought items for going back to school and they’re faulty, damaged or poor quality, you may have the right to a full refund, replacement or repair. Find out more about your consumer rights: consumeradvice.scot/knowledge-centre
• Find more organisations that can support you with debt advice: stopillegallending.co.uk/how-we-can-help