As Christmas fast approaches and money is tight, Dudley borough residents are being warned by Dudley's community safety partnership, not to be bitten by loan sharks.

At this time of year people are often tempted by loan sharks as they struggle for cash to cover the expense of the season.

This makes it easier for lenders to exploit people with a small loan to tide them over Christmas, but it ends up costing borrowers much more financially and having a huge impact on their lives.

Loan sharks will act like friends and make the offer seem hard to resist, but very quickly the situation can spiral out of control and borrowers can be subjected to threats, violence and intimidation. Councillor Gaye Partridge, cabinet member for community safety, said:

“Loan sharks aren’t licensed to lend money legally, and they will often resort to the most extreme methods to enforce repayment. 

“Our advice is that you should never go to a loan shark. They do not provide a community service, they are simply out to make money. If you suspect there is one operating in your area please report it.”

Credit unions are recommended as a safe, alternative lending and saving facility. To find out about Castle & Crystal Credit Union, which serves people within the Dudley borough, call 01384 815771 or visit castleandcrystal.co.uk.

Loan sharks can be reported confidentially by calling Illegal Money Lending England on 0300 555 2222 or Crimestoppers on 0800 555 111, 24 hours a day, seven days a week. Alternatively, you can email reportaloanshark@stoploansharks.gov.uk. To find out more visit direct.gov.uk/stoploansharks.