A loan shark is an unlicensed money lender who operates illegally and targets people in vulnerable financial situations. If you have borrowed money from a loan shark, you have not broken the law - they have.
The England Illegal Money Lending Team provide specialist help and advice for borrowers while investigating the lenders.
Loan sharks often:
- pretend to be a friend at the point of lending
- do not provide any paperwork and lend you money in cash
- take possessions from you as security for the loan, including your bank card
- do not give you an end date for the loan to be paid off
- increase the money you owe, without notice, even if you are making regular repayments
If you think you have borrowed money from a loan shark, contact the England Illegal Money Lending Team who will offer support and advice in confidence. They can be contacted on:
Phone: 0300 555 2222
Text: 07860 022 116
Email: reportaloanshark@stoploansharks.gov.uk
Find out more at www.stoploansharks.co.uk