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/
Helpline: 01273 234 777
10am-4.30pm, Mon-Fri (with exception of Bank Holidays).