AN EAST Lancashire MP is warning constituents not to be entrapped by ‘legal loan sharks’ over the festive and new year period.
Hyndburn and Haslingden MP Graham Jones is urging residents to make use of credit unions and financial advice instead of high interest ‘payday loan’ firms.
He said: “A large number of people will be looking for credit over the festive period.
“However I want to offer a Christmas warning about using payday loan companies, or what are commonly referred to as legal loan sharks.
“Legal loan sharking risks putting people into a spiral of debt, with people having to take out other high-interest loans to pay off their existing ones. These companies prey on the poor and vulnerable.
“I am a member of Haslingden Credit Union, a much safer, fairer and more ethical means of lending money for a short term.”