Derbyshire County Council have announced they will be holding a "Stop Loan Sharks" event to teach people in the community how to better protect their money.
Loan sharks are illegal money lenders who offer loans to residents without being registered with the Financial Conduct Authority, and are known to charge high amounts of interest on loans to intentionally leave victims in significant amounts of debt.
Borrowers have no protection around the amount of interest charged on a loan, and can face intimidation, aggression, and violence when it comes to repaying the loan.
It is estimated around 2% of people across the UK are indebted to loan sharks, amounting to over 1.08 million.
Cabinet Member for Health and Communities, Councillor Dawn Abbott said: “Loan sharks prey on some of the most vulnerable people in our communities.
“They cause fear and stress as well as adding more financial pressure onto people who are already struggling to make ends meet."
The Stop Loan Sharks event is set to take place on Wednesday 16 July 2025 at Loundsley Green Community Centre, Chesterfield between 1.30pm and 4.30pm, and will give residents the opportunity to hear from a range of local and national financial support organisations.
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