Government to crackdown on loan sharks
On: 10 October 2018
The Government has announced new measures to protect people from loan sharks and truck shops.
These measures include:
- Cap on total interest and fees charged
- Stiff penalties for loan sharks who break rules
- ‘Fit and proper person’ test for lenders, door-to-door salespeople and truck shops.
These changes are intended to halt the very worst of those preying on vulnerable and desperate people, while enabling borrowing that meets their needs in an affordable way.