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Loan shark

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  1. Loan shark It is a criminal offence for anyone to lend money without having a licence to do so! Illegal money lenders are often referred to as ‘loan sharks’ because of the rough tactics they use to get money from you.

  2. Loan shark Loan Shark – One illegal money lender was found to be lending at 117,000%!

  3. Pawnbrokers Pawnbrokers are a source of short-term loans, typically used to ease temporary cash flow problems. There are no credit checks because pawnbrokers only provide secured loans. You hand over to the pawnbroker an item against which the loan will be secured. The pawnbroker values the item and determines the maximum loan you can have. Monthly interest is also added to the loan.

  4. Pawnbrokers Pawn direct - the less you borrow, the more you pay. For a loan of £50-500, the APR would be 79.3%

  5. Personal loan with the credit union Credit unions are owned and run by their members, for their members. Some credit unions may lend to you as soon as you become a member. Others will lend to you after you have shown them you are able to save regularly

  6. Personal loan with the credit union Personal loan with the credit union charges a typical interest rate of 13.68%

  7. Bank overdraft The amount borrowed from the bank when you have spent more money than you have in your current account.

  8. Bank overdraft Abbey's current account has a penalty fee of £25 a month if customers go into unauthorised overdraft, with interest on the debt charged at 28.7%

  9. Payday Lender A payday lender provides payday loans - small, short-term loans that are intended to cover a borrower's expenses until his or her next payday.

  10. Store card A type of credit card, but one which lets you buy things only in a narrow range of shops.

  11. Store card The Miss Selfridge store card charges 30% APR