The loan sharks profiting from the pain of soaring prices - BBC Newsnight
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- Опубліковано 21 сер 2024
- "D", not his real name, has worked as an illegal moneylender for two decades, and says business has never been so good.
He is one of two loan sharks the BBC has spoken to in rare interviews in order to highlight the dangers of people turning to unofficial lenders due to the cost of living.
With no paperwork, high interest rates, and sometimes brutal consequences, there is huge risk attached to this type of borrowing.
Research shared with BBC Newsnight suggests that the potential client base for it could be expanding.
BBC Business’ Lora Jones reports.
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Can we get a piece on the massive businesses and corporations profiting from the cost of living crisis as well? Loansharks are obviously deplorable, but it’s the criminals we don’t see (or hide) that worry me most
We do see them. They wear suits and sit on lofty, high rise buildings watching the poorer people as entertainment. They’re worse than these loan sharks and because of this pathetic Tory government that has destroyed the country over the last 10+ years they continue to get more rich while the rest of us survive on crumbs.
@@davidnoelfranks1124I have to address corporate CEOs as "your lordship" now? I knew it would eventually come to this...
they are legal robbers lol
The BBC is so right wing now.
Hear hear
Credit card companies are legal loan sharks. Bank fees for using an ATM or getting cash back with a purchase of merchandise fees predatory too
Just because card companies and banks do predatory loans doesn’t make criminal loans sharks any better
@@Niven110o but they won't make documentaries on that stuff instead you'll see adverts for it during the video
Enit. With mad large interest rates
So don't have a credit card pay cash only problem solved
@@debbieframpton3857or debit
How's is this wrong but what Shell are doing with energy prices or what the bank of England is doing with interest rates? Ridiculous.
Because corporations and banks are the bigger boys on the playground who get to make the rules and bully the others.
People just borrowing money so they can pay off their ridiculous BBC tv licence!
for goodness sake dont do it its not worth it if your hungry go to a food bank if you cant pay a, bill then dont pay it but loan shark borrowing is dangerous
Now the blame game begins
Yawning, loan sharks in some countries are pretty reasonable in terms of interest rate. But, 100%, intererest on top of your loan. That's pretty sad.
Its just mind boggeling that Loan Sharks still exist. Never have I ever met one. Its not like they can advertise with lend money for this rate,..
Are you sure you never met one? Don't you think credit companies are loan sharks? what happens if someone misses his pay does the interest goes up? Where do the Banks get the money from? Surely you know every wage goes to the Banks, what they do with it lands it to someone and asks for interest right? it's not their money in the first place, What about mortgages? the Banks create money out of nothing and the slave has to pay monthly if he can't pay they take the house which is something from nothing they get something. don't you call this a loan shark? if it walks like a duck and quacks like a duck is a duck.
With real wages stagnant for 25 years, with cost of living skyrocketing. It's not a surprise to me that people are getting desperate and resorting to predatory pay day loans and loan sharks
This guys hiding his face so the job centre won’t recognise him
Loan sharking should be a capital offense.
Imagine being such a scumbag you steel from your own class. The rich have more than they need, take from them.
Loan sharks aren't in it to help anyone other than themselves
Same as any bank or company
It's a mutual help. They give you money when you desperately need it, and expect you to pay them back with the extra amount (because they helped you when no-one else did). You value your life, they value their money. If you can't pay, don't borrow in the first place. Banks leave you with nothing, at least they leave you with some broken bones until you pay.
If anybody knocked on my door and said they were looking for my neighbour because my neighbour owed them money, I would a; not tell them anything, and b; call the police.
Yes and then your windows could go through. The police is not a deterrent for these people believe me. Act daft is the best policy
@@uapnewdiscoveryimages Well I wouldn't call the police right in front of them like in a Ryan George sketch.
This is awful .people need good honest help not violent thugs.well done to the police for at least trying to help but as usual I'm sure a lot more needs to be done
The Illegal Money Lending Teams are superb, id urge anybody who has taken a loan like this to report the lender.
Try that and see what happens
They usually get time behind bars, but recrimination is very, very rare.
Have you thought about this before saying it? Surely you don't think these guys are forcing people to borrow from them, if the bank land to anyone that need it they would not have gone to these people for help right? The system forces people to put their money at the banks without interest and that same money they give to someone else with interest
@@MrManny075 finally someone who understands.
Why don't they report when going to borrow ?😅
Not much difference to what the banks are doing to us but in the long term 🤷♂️
We don't call them loan sharks anymore, we simply call them banks!
There unfortunately needs to be strong punishment against this type of antisocial behavior, because it harms everyone else. There needs to be heavy enforcement, with as light a punishment as possible to keep this behavior in check
i dont know...am in love with that reporter...
Same for the banks then who lost all that money and got their pals in govt to make the public pay it back.
@@michaelrichardson989 word
nasty vicious, loan sharks donte er get involved and if you ha v then tell tell tell the police
@@michaelrichardson989They’re corrupt yes, but they’re not violent.
It’s why we’ll always have banks, regardless. Because they’re faceless.
That ‘D’ 😂😂 what a guy 🤣🤣🤣
Is that the head of HSBC in the hoodie?
😂😂😂
Loan sharks are a symptom. Sort out the cause.
Loan sharks work in close partnership with criminal elements in the highest levels of govt. Its grand theft repo and as there's (sometimes) property involved, there's serious money to be made at the end of a downturn.
Don't want me outside your ouse 😂😂😂
Many credit cards and payday loans are close to or even above 100%
Nothing is funnier than a brit trying to act tough lol. "You bite your thumb at me sir"
You'd have to do some incredible feats of mental moral gymnastics to believe that being a loan shark is a legitimate solution to the financial woes of the most vulnerable. Tools.
why yes, exploiting the vulnerable and desperate to then inflict harm to them when they can't pay a huge sum back within like a month is totally a good thing to do!
lawyers would also charge you 14- 18 percent interest on borrowing this is legal lol
You’re blaming the loan sharks? The victims are silly getting involved in it
This is just one aspect I was saying in a previous vid. Rent is the worst financial issue that creates so much social ills.
Rent has gone up multifold in the last decades.
Halve the world's rate on rent and you see people's life becoming better almost immediately.
You need to slash migration for that. Never gonna happen. Enjoy your pod in 2025.
Lovely hood is biggest reason for life
Anyone can do anything for living life
So buy a house with a fixed mortgage
How do i find these loanshark MFs???
These people are some of the worst parasites in society, they need to be given decades in prison for preying on desperate people
Desperate people need to stop being irresponsible idiots.
Don’t borrow what u can’t pay back. That’s life buddy
@googlegmail9888 ok tough guy enjoy your loan sharks😂 I'm praying for you kneecaps and family
@@googlegmail9888 By that logic no one should ever loan anything... because you can never truly know... and sometimes people don't have a choice really.
At the end of the day he is absolutely correct in what he says, the bank and legal lending company’s target the exact same people but just don’t use aggressive tactics for repayment. They will take away when you can’t pay! Payday loans are worse then these people, I’ve used loan sharks years ago when I was just getting on my feet and had less problems with a cash loan then a loan from the bank, glad to say in debt free these days but the banks and loaning companies are much more brutal in my opinion.
youre lying
How did you find them?
5:08 giving the same energy as 'if you're homeless buy a house?'
Dont banks do the same?
Don't really see the problem with them providing their service. The clients wouldn't get any other loan so isn't it better to get the money from somewhere than not getting it at all?
I have a loan shark that takes property off me as a secured loan at half the value of the property and demands an interest rate of 32.5% every month or they will sell my stuff.
It's called cash converters.
Don't pretend this is about protecting vulnerable people because you would have done something about other businesses years ago.
Organised Crime is not the issue greedy billionaires are
I mean its sad (in some cases)that people are having to turn to these people but that doesn't mean the loan sharks are doing nothing wrong.
@laithmhanna332
I'd rather trust local gangsters with than the corrupted law & government
@@Spectre10139i don't think you've ever had to deal with local gangsters before.
@@PropaneWP
Pillock typical armchair warrior
@@Spectre10139 Sounds like a case of projection
Corruption is spreaded very fast all over the world
Money isnt free in any way shape or form, been involved in illegal activity and not paying is just as bad.
Noone ever considers why people go to these guys. And they ESPECIALLY dont consider the surprisingly generous rates they have. Can you go to a bank and borrow 10,000 for 6 months and only pay 15,000?
Through them, you can.
thats good. but they should do the same with the scamm credit card rates
People end up going to loan sharks because formal money lenders send them from pillar to post
Or they’re not good people to lend money to lol
@@leonhenry4861So why not pay higher wages? There is always a solution. Blaming the victim isn’t one.
@@wattbenj and where does the extra money come from… mr smarty pants lol. Do you think all companies have billions in the bank
Hahaha. These feds ain't heard of quick quid's interest rates then. Prob almost better off going with these guys lol
The sad thing is there is no scheme, somepeople will always fall into the pot of debt. People would stack their debt and mortgage, thinking they will be able to pay it in a few years. Sadly some people got deeper because of their lifestyle, while others lose their source of income without back up plan to pay the debt.
Payday loans are much worse in terms of personage rates than illegal loansharks
Why was there random shots of the waterfront what did this add to the video 😂
They keep mentioning loan sharks provide no paperwork as if that makes them worse than the banks. Please tell me why.
No difference, really. the only thing paperwork does is make a loan enforceable by the legal system. Loansharks operate outside the system from the off. They don't care about your credit rating or any of the things a bank requires before it will lend.
Conversely, loansharks can't rely on the courts or give you a bad credit rating to force a borrower to pay them back
The fact people have to turn to loan sharks show the " help" they say is available really isnt!
I think it’s sad this country has sank to this state. I know some people are takers but the genuine vulnerable people trying to put food and clothes on their kids. It’s shameful to take advantage of these desperate people. More love please
Chinese 🇨🇳 reckless *hoarding* of global food supply into its national reserve *is the direct result* of food shortage and rising prices around the world.
arent there like a billion of them? they probably eat a lot anyway.
@AhmetTekinA how much are we talking about? A national reserve for a pop of over 1 billion is gonna be massive by principle anyway. Is it over the 30% quota followed by many other nations?
@AhmetTekinAwow.
@AhmetTekinAlets start a farm.
Why don’t they lend at an affordable rate, so it’s repayable and can run it as a normal business?
Probably 50% arent paying back. So they make money on few reliable clients.
@@user-zt4zr7eg6z But that 50% does not pay because they are robbed...
Many shops make you buy extra stuff if you try and buy just a pint of milk or a loaf of bread with your card.
Thankfully tesco aldi and the one stop dont do that, all those other small shops do...
I went to a local corner store, bought a bag of bread with cash. The shop keeper said F me, wasted his time. I didn’t ask him to help me or do whatever, The only way I ‘wasted’ his time was him doing the check out. Ok then, I’m not going back for sure. Btw, because every time someone using a card the shop has to pay a transaction fee that’s why they force people to buy more but in my point of view, if they don’t want to pay it, don’t accept card.
I prefer loan sharks than banks ! At least they are being honest . The guy is right banks do the exact same
He’s a actor 100%
if someone needs money, and the government/banks/thesystem won’t give it, than where do they expect people to turn? there’s only two solutions, rob something or someone, or loan the money off a loan shark.
Tax The super rich, we’d all be better off.
Lots of options. Get another job, sell stuff
its a catch 20-22 cause bbc make it out like loan sharks are evil and in some ways they are but their running a business as well the difference is they deal in cash if you dont want to get into trouble with loan sharks dont live outside you means or stay away from them simple.
😂No loan shark is going to be talking to ANY journo, let alone be filmed, mask or not..what a load of bs...
Lmfao literal terrorists have talked to journalists before.
In the States we call it "greedflation" as it is difficult to tell what is preventable and what is exploitive
in the states, loansharks are known as "payday lenders"
You don't have to have a credit card and you don't have to go to payday lenders live on what you have and pay cash only
Yet banks do worse by extendeing overdrafts and make people pay back over 10s if years
Erik how is that worse, they don’t force you to take the money, if you borrow money pay it back, it’s that simple.
When “50% of loan sharks are over 70” it gets a bit ridiculous. How would a 70 year old woman be able to get her money back if they refuse to pay?
use enforcers.
Oh no
Oh this is a story about the gas and electric companies, right?
Can't go lendin moneh without a propah loisense!
It is about profit not control, you know what ya getting yourself into, its not promoted with adverts, in my eyes its stealing taking and then ringing the police to get away with it. Fair enough it is illegal but your the other half to the activity.
Welcome to 21st century Britain -
Lol
"Broken nose. Broken eye sockets. You don't want me outside your house....I think it's because I'm nice" I SEE
He said he COMES OFF as nice initially, big difference.
(You) "What if I cant pay?"
(Loan Shark) "What if you can't walk?"
Just don’t borrow from them.
Huh... so.... this means loan sharks are learning with the pros? Banks, credit bureaus, IMF, etc?
Free world. Should be able to lend off anybody you like.
Please come here to take action
Do you wanna ride a d?
what about banks
He must work for the government then!
Where do I find a loan shark I need some money pls
Good
Is that moneylender guy from other documentaries on drug or anything like that? He looks a bit familiar
" can you please open up".
American S.W.A.T dgaf!!!
This is embarrassing, Focus on two key objectives. Learn when to sell stocks to minimize losses and maximize gains to start protecting yourself. Second, prepare to make money when the market turns around. I advise speaking with a broker or financial counselor.
Uhm... Then ... Pay. Lololol
I need a loan where can I find one
I can sort You our mate no problem 👍🏾
Yeah
They are better than drug dealers at least.
This is amazing👍
Oi there m8 do u have a loicense to lend money eh
Is this BBC🤣🤣🤣 the clowns are able to produce something for once
Any different from banks, klarna, clear pay, even parking fines now days
Why is he hiding his face coward
Good old uk ❤
Yeah it doesn’t happen any other place 😂😂😂😂😂
@@leonhenry4861yes it does
Just the same as the BBC licencing goons then...
Legal loan sharks exist too...
Its very simple If you can't afford to buy it you can't afford to borrow for it. I'm driving a 20 year old banger I can cut my own hair and I've managed to live in as little as on less then 5 euros a day. If needed Littertly you can feed yourself on bags of rice potatoes and porridge Is it pleasent no it's it nice no do I have problems no.
strange how the BBC manages to get access to these underworld people.
5:00 😂
Ya don’t want me aatside ya haas
Wait loan sharks are profiting on people's misery. Wow and guess what the sun is hot.
It is written in the Quran that there should be 4 wife🧕& 40 children 👻 before marriage, only then Allah will be Happy and Bless. "Inshallah"
The bbc profiting form misery stories
squid game
He’s not wrong banks are just as bad
If these lenders didn’t respond to non payment in the way they do. These lenders wouldn’t get paid the money they are owed
They're not lenders. That's the point. They're impatient & ruthless criminals looking to profit from the misery of others. They won't go to work and earn an honest living, so they resort to this &/or drug dealing.
They're nasty thugs who have no soul & have no place in society.
Then they'll hurt someone
OT:Benny Hill considered funnier than Monty Python by two TV stations--WOR and WLVI.
So irresponsible people borrow more than they can pay back and it is someone else's fault? Pathetic
You know what's pathetic? People judging desperate people who are making it day by day. If you have to feed your family your going to take the money and think about the consequences later. There's been studies done and its quite likely your IQ lowers when your in extreme poverty. That's not because they are 'pathetic' people, you included wouldn't be making your best choices if you were malnourished, exhausted and judged by everyone. Maybe we need to start looking at why people are in these situations to start with ... for gods sake just look up a 'no fault eviction' and then sit here and tell me it would never happen to you or your family! It's easy to dismiss the reality that we are trying to get a broken and underfunded system to work.
@@bluediamond1414 Who is in extreme poverty? People in the UK - one of the richest country in the world. Give me a break. People need to get their ass off the couch and rely less on the taxpayers handouts. We are talking of adults here, everyone bears responsibility for their own actions. Apparently some people just can't take responsibility and always looking for someone else to blame for their stupidity.