Crackdown on illegal money lenders in Scotland

Posted by: Sharon MacPherson on August 17 2021 | Tagged:

Over the years Scotcash has worked towards making financial services approachable and affordable for everyone. To take our efforts even further, we are now a part of a network of organisations brought together by the Scottish Illegal Money Lending Unit (SIMLU) to work in the communities and help residents safely report illegal loan shark activity. We have recently signed up to the SIMLU Charter Mark, which aims to tackle illegal money lending.

During the pandemic, loan sharks moved their activities online, using social media adverts and messages to prey on those who are most vulnerable. Although loans from these illegal lenders may appear to be a quick solution in a crisis situation, they can end up costing much more than a legal loan.

Please stay alert and stay away from illegal lenders. Contact Scotcash if you or someone you know has recently taken a loan out from a loan shark or been approached by anyone you think might be carrying out illegal lending activities. We can then provide you with the appropriate help and assistance.