Joe Bragg

Loan Shark Launches to Speak out on Predatory Lending

 

San Fransisco, CA -- (ReleaseWire) -- 10/03/2012 -- The free market economy has always been a thorny issues, where idealism and practicality often come to clash and difficult solutions have to be drawn out at length through complex political processes. Despite the difficult nature of legislating the economy, the effects are clear and obvious to many. The clearest call to arms in recent years has been the rise and rise of high interest and payday loans companies, so-called “predatory lenders” who use individual’s desperation to trap them in a downward spiral of bad debt. Loan Shark is a website dedicated to blowing the whistle loud and clear on these shady practices in the United Kingdom.

The website boldly places a call to action at first sight, with a header image that urges visitors to sign a petition for the regulation of predatory lending. Below this image, a plain English introduction to the nature of payday loans companies and other predatory lending companies, describing their common practices and instructing visitors on how to recognise Loan Sharks.

Beneath this introduction is a consumer news feed offering the latest and best advice from around the web on how to find financial aid without resorting to predatory lenders and advice on how to deal with the situation if borrowers have been manipulated by a shark. The website’s blog also features original editorial content on major issues and current events relevant to the campaign.

A spokesperson explained their objectives:

“Here at Loan Shark we are petitioning for regulation of financial lending companies –such as payday loan companies– as to how many times they can allow a person drowning in debt to take out further loans. In the UK, borrowers take out an average of 4 loans per year, and that alarming rate is still increasing. When the extraordinary APR these companies charge is factored into the equation, it is a simple matter to say that borrowers should not be able to take out high interest loans to cover other loans. We want protection for the vulnerable, and debt counselling for those already caught in this trap.”

About Loan Shark
Loan Shark is an activist website aiming to raise awareness, draw attention to and protest the increasing ubiquity of loan sharks and predatory lending including but not limited to high interest and payday lenders in the UK. Their aim is to reform financial regulation to prevent citizens from being caught in debt cycles and traps. For more information please visit: http://www.loanshark.co/