Steer clear of loan shark deals this Christmas

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LOAN sharks will be out baring their teeth this Christmas – with the county council warning locals against illegal money lenders.

With cash tighter than ever for many people in Hastings, the temptation to borrow cash is as strong as ever.

And staff at East Sussex County Council’s trading standards team say more and more people are accepting astronomical levels of interest in a bid to fund a Christmas to remember.

Councillor Bob Tidy said: “When surveyed 20 per cent of victims of illegal lenders stated the reason for taking out the loan initially was to pay for Christmas.

“Illegal lenders prey on vulnerable people within communities, often those who would struggle to access mainstream credit.”

He added: “The sharks often trap people in a spiral of debt with extortionate rates of interest, and then resort to the most extreme methods to demand repayment.”