Credit Builder
There is a better and safer way to get a loan!
Helping you stay away from the dangers of loan sharks and illegal lenders! Know the benefits of ethical alternatives, like 1st Class Credit Union.
We're on a mission to stop loan sharks
Signs to look out for!
- You were offered a cash loan – Loan Sharks traditionally deal in cash but be aware that they may operate online too.
- A lack of clear information about the loan – e.g. the interest rate or repayment terms. If they are vague about the amount of interest they charge and when the loan will be paid off, then this could be cause for concern.
- Lending with no checks – Unlike authorised lenders, loan sharks won’t do credit checks or affordability assessments.
- A lack of paperwork – All legal lenders will provide you with the necessary paperwork explaining the terms of the loan. Loan sharks won’t give you a formal agreement.
- Threatening and violent behaviour – Loan sharks many take valuables, or even items such as your passport or bank card, which they say will act as “security” on the loan.
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