LONDON, (Reuters) – More than three-quarters of the population in England may be borrowing money from a loan shark according to a Monday report published by a think tank.

While the Centre for Social Justice, (CSJ) acknowledged that illegal borrowing is difficult to measure, it said that its estimation was based upon a survey of approximately 4,000 respondents and analysis of 1,200 victims’ evidence.

According to the latest official government report, illegal lending was estimated at 311,000 people in Great Britain.

According to the CSJ over a fifth victims required more than five year’s time to repay illegal lenders.

We can only expect it to worsen. It said that the emerging cost-of living crisis has created a shadow of financial anxiety.

Rishi Sunak (Finance minister) is likely to speak out about Britain’s rising cost of living in Wednesday’s budget update. Inflation has risen to 8% since Russia invaded Ukraine.

Britain’s low-paid workers saw the largest drop in their wages over the past twelve months.

According to the CSJ, illegal lenders are increasingly using online platforms like social media to attract new borrowers. The vast majority of lenders guarantee payment via psychological manipulation, coercion, or pestering borrowers.

A small, but substantial minority used violence and intimidation according to the report. It stated that illegal lenders often demanded that borrowers deliver drugs to their clients or recommend them. Many had asked for sex as a condition of owing the money.