Loan sharks can make a meal of your money and a mess of your life - but you can bite back!
Loan sharks lend money illegally. They are unlicensed traders that rip you off. If you have borrowed money from a loan shark, they are the ones who've broken the law - not you! You can report them in confidence to a Trading Standards illegal money lending team. Call 0300 555 2222, text 'Loan Shark' to 60003 or email them.
Illegal money lending is a problem across north Manchester. Many people get bitten because they don't know what lies ahead, or it looks like there are no other options.
But it doesn't have to be this way! For affordable loans, click here to find out more about Manchester Credit Union. They do great offers! For instance, if you were to borrow £100 over one year from a doorstop lender, you may have to pay back something like £171. Exactly the same loan from Manchester Credit Union will cost just £107!
Also, anyone struggling to make ends meet can contact Tracy, our Money Advisor, for friendly, confidential help with all things money-related. Tracy also has a blog where she shares tips and useful info on cutting your bills - check out http://www.tracystopmoneytips.com/.
The Mancunian Way charity will be in Newton Heath all next week (Mon 3rd - Sat 8th Dec) to raise awareness of the dangers of loan sharks and talk face-to-face about the benefits of the Credit Union. You can keep up with their activities on Twitter and if you have kids, why not bring them along to their Funday on Saturday 8th Dec, 2pm to 4pm, at the Stirling Centre on Scotland Hall Rd, next to the Park?