Loan Sharks: Don’t Take the Bait

Loan Sharks: Don't Take the Bait cover

The eight-page dual-language (English-Bengali) Quids in! Loan Sharks magazine was published in partnership with the Illegal Money Lending Unit. It advises on how to spot signs of illegal money-lending and sets out in simple terms the support that’s available.

It’s free of charge and primarily aimed at low-income social tenants in Tower Hamlets, east London. The guide, funded by cash seized from convicted loan sharks, is written in the usual accessible Quids in! style to ensure the vital messages get through.

There’s also a comic strip about ‘Joan Clark the Loan Shark’, highlighting the dangers of dealing with illegal lenders, who will often trap their victims into a cycle of spiralling debt with violence and intimidation.

Loan sharks are unregulated money lenders who prey on vulnerable people then charge extortionate interest rates and fees, and the guide lists the things readers should be on their guard against if they think they may be a victim.

More than 5,000 copies were distributed by social landlord Poplar Harca to some of their most vulnerable tenants. For those with English as a second language, this trusted magazine with clear messaging in Bengali is a game-changer.

To find out more about the Loan Sharks magazine contact [email protected] or call 07548 627303.