Many say they have been threatened with violence and have no idea how they will pay the money back
More than three million people across the UK say they have been forced to borrow from illegal lenders in the last 12 months, according to research from Creditspring. A third of people in the UK say they currently feel stuck and that there is nothing they can do to improve their financial situation – which has led to almost one in twelve borrowing from an illegal lender in the past 12 months.
Illegal lending carries many risks to borrowers – one in seven people said that the interest originally agreed has increased over time whilst 14% have been threatened with physical violence. 15% of people who borrowed from illegal lenders admit they don’t know how they’ll be able to repay the loans. Neil Kadagathur, CEO at Creditspring said: “The cost of living crisis has decimated household finances across the UK and the growing reliance on the wild west of illegal lending is the starkest indicator yet of just how bleak the financial reality is for millions of people.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
£3million set to be shared among Lions nations for women’s rugbyThe Lions will play three Tests against world champions New Zealand.
Read more »
£3million set to be shared among Lions nations for women’s rugbyThe Lions will play three Tests against world champions New Zealand.
Read more »
Huge £3million country estate near Glasgow with summer house and lodge up for saleAn enormous country estate with multiple properties on it - including a a summer house, coach house and lodge - has gone up for sale for almost £3million.
Read more »
Fraudsters stole my entire £3.3million life savings:David Franklin's plans to retire to Kerala, India were torn apart when his money vanished in May 2019 to bank accounts in China without a trace.
Read more »
Fraudsters stole my entire £3.3million life savings:David Franklin's plans to retire to Kerala, India were torn apart when his money vanished in May 2019 to bank accounts in China without a trace.
Read more »
Fraudsters stole my entire £3.3million life savings:David Franklin's plans to retire to Kerala, India were torn apart when his money vanished in May 2019 to bank accounts in China without a trace.
Read more »