Stop Loan Sharks
With the cost of living rising, it is more important than ever to be on the lookout for Illegal Money Lending. The England Illegal Money Lending Team is a national team that investigates and prosecutes Illegal Money Lenders and provides support to individuals who have borrowed from them.
This page tells you about illegal lending and what to do if you have borrowed from a loan shark. The information is taken from the Illegal Money Lending Team website which is available here
What is a Loan Shark?
To be allowed to lend money as part of a business, the lender must be registered with the Financial Conduct Authority. If they’re not what they’re doing is against the law. People who lend money illegally are often called “loan sharks”
REMEMBER! If you’ve borrowed from a loan shark you haven’t broken the law - they have.
How can I spot a Loan Shark?
- Did they offer you a cash loan?
- Did they not give you paperwork?
- Did they add huge amounts of interest or APR to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, benefits card, passport, watch or other valuables from you?
If you can answer “yes” to any of these questions then you might have borrowed from a loan shark
REMEMBER! Loan sharks often pretend to be your “friend” and they may seem nice at first by offering to “help you out” but if you’re worried you can get FREE and CONFIDENTIAL advice. You don’t even have to give your name if you don’t want to
What Can I Do if I think I’ve borrowed from a Loan Shark?
There are a lots of different ways you can contact the Illegal Money Lending Team
- By phone: 0300 555 2222
- Online: www.stoploansharks.co.uk
- Via the app: https://m.appbuild.io/g50e3
- E-mail: email@example.com
- Text: "Loan Shark" and your message to 60003
The Illegal Money Lending Team will be able to answer any questions that you might have and can allocate you a dedicated worker to help you through the whole process.
Any information you give the team will be treated in strict confidence and they can support you every step of the way.
If you ever feel threatened or unsafe, you should call the Police straight away on 999
For more information, visit the Stop Loan Sharks website at - www.stoploansharks.co.uk