What to do if you’re dealing with a Loan Shark

When money is tight, many people will look for ways to get some extra cash. Loan Sharks are unregulated money lenders that prey on vulnerable people and take advantage of their situations.

Being unregulated means that the lender is acting illegally.

Loan Sharks use this to charge extremely high interest rates (paying back much more than you borrow) and with strict terms of collection (often with threats of violence).

Not sure what a Loan Shark is?

Borrowing money doesn’t always mean it’s come from a loan shark. If you answer yes to one or more of these questions, it might mean you’re dealing with a Loan Shark:

  • Did they offer you a cash loan?
  • Did you not receive any paperwork?
  • Did they add a very high interest rate?
  • Have they appeared threatening?
  • Are you worried about people finding out you’ve borrowed?
  • Have they taken valuable items and documents from you?

How to get help

Stop Loan Sharks investigate and prosecute loan sharks. They are the lead organisation in England with the power to prosecute loan sharks and illegal money lenders.

Stop Loan Sharks understand that reporting a loan shark can be scary but they are able to keep you safe if you choose to file a report – you do not have to suffer in silence. The service is completely confidential and available 24/7.

If you choose to report, Stop Loan Sharks will provide step-by-step advice and one-to-one support throughout the process.

Stop Loan Sharks are not the police and you should always dial 999 if you are in immediate danger. 

 

STOP LOAN SHARKS

Helpline (24hrs): 0300 555 2222

Website and Live Chat (9am-5pm Mon-Fri): https://www.stoploansharks.co.uk/

FFT:

Helpline: 01273 234 777

10am-4.30pm, Mon-Fri (with exception of Bank Holidays).

Related Advice

If you have been refused treatment at a doctor surgery because you do not have identification or address, find out how you can challenge this decision.

Read more

If you are pregnant and are experiencing any issues accessing maternity care, find out where you can get advice and support.

Read more

Find out who to speak to if your nerves are bad or if you need support with your mental health.

Read more

Share this page:

Page last updated: Nov 16, 2020 @ 11:06 am

Sign up to our Newsletter

Scroll to Top