Lancashire families plunged into debt by the pandemic could be targeted by unscrupulous loan sharks who have turned to social media

So now they are adapting to alarming new tactics on social media to plug their illicit activities.

In one case a criminal paid a Snapchat ‘influencer’ to promote their illicit loans, while in another loan sharks have befriended vulnerable women on dating sites.

Loan sharks are illegal, unlicensed money lenders that charge high amounts of interest even on short-term loans.

They target people who are in desperate financial situations and, while they may seem friendly at first, they often resort to threats, intimidation or violence to get their money back.

Their victims end up paying far more back in interest than they would through any legal borrowing, and they are sometimes pressured into getting further loans to cover the debt.

People who need to borrow money but have a bad credit rating or have been turned down by their bank, may find themselves in the position of turning to a ‘loan shark’.