London January 31, 2007: Recently, the Chancellor of the Exchequer, Gordon Brown, has announced that the British Government has given a green signal to the proposal of nationalising the scheme to tackle the problem of 'loan sharks' who try to exploit the borrowers who have been denied financial aid by other lenders by offering them quick loans at exceptionally high interest rate.

Today, there are many Brits in UK who are struggling to get out of the 'claws' of loan sharks. The loan sharks are those lenders who illegally charge an exorbitant interest rate for providing a loan. Their prime target comprises of those people who are unable to arrange for a suitable financial source to meet their requirements. These lenders may adopt violent means to recover the loan money. This scheme will definitely be a boon for them.

Basically, the scheme has been designed to fulfil the following two purposes:

• Provide financial advice to people trapped in the clutches of loan sharks to enable them to compare different loan deals available in the UK loan market so that they can select the one that suits their personal and financial requirements most closely.
  
  
• Identify and punish the loan sharks charging exorbitant interest rates illegally.
  
  
• Arrange for means to provide financial aid to the disadvantaged sections of British society.

In fact, the government plans to install 600 free-to-use cash machines in low-income areas