OTHER CREDIT SOURCES
There are other ways to get credit if you cannot get a bank, building society or credit union loan, or if you want to borrow a smaller amount than a bank will give, or need a specific item. If, for example, you are looking for household goods, and are thinking of using a high street rent to buy organisation, such as Bright House, or a doorstep lender like Provident, or even a catalogue, there may be a cheaper alternative.
You might also have heard about someone in your community who will give you a loan, no questions asked. This is likely to be an illegal lender or loan shark who may seem friendly at first, but:
• You might be pressured into borrowing more money to repay one loan with another and end up in a spiral of debt that you can never repay.
• You or your family might be harassed or threatened if you get behind with your repayments
• You will pay far more in interest than you would through any legal borrowing.
See our film below for more information on Loan Sharks and how they operate