What is a loan shark?
A loan shark is a person or group that runs a money lending business without permission from the financial conduct authority. Loan sharks are illegal money lenders who target people who need to borrow money and charge high interest rates.
Loan sharks are not easy to spot and will at first appear as friendly members of your community.
Typically, loan sharks will provide you with very little paperwork and will often add penalty charges if you cannot pay them back.
If someone is struggling to pay a debt then loan sharks will often resort to threats, violence, and intimidation to get the money they think you owe.
Loan sharks will often:
- Refuse to tell the person how much they still owe and when they will finish repayments.
- Increase the debt or add additional amounts.
- Take items as security – including passports, bank cards and driving licenses.
- Resort to violence, threats, and intimidation.
Who can help you?
The Illegal Money Lending Team investigates and prosecutes illegal money lenders whilst providing support to those who have borrowed money from a loan shark.
If you, or anyone you know, may be involved with a loan shark or aware of their activities, then you can contact the Illegal Money Lending team in confidence.
The Illegal Money Lending team can be contacted 24 hours a day, 7 days a week:
- Phone: 0300 555 2222
- Text: 07860022116
- Email: reportaloanshark@stoploansharks.gov.uk
For more information please visit https://www.stoploansharks.co.uk/