Stop Loan Sharks

How to stay safe from loan sharks

 A loan shark – or illegal money lender - is someone who lends money illegally without proper authorisation from the Financial Conduct Authority (FCA).

That means if you borrow from them, they don’t have to follow the rules – they can decide how much you pay back and when.

These criminals are not always easy to spot - they can be another parent in the school playground, a friend of the family, or a neighbour.

 Illegal lenders can appear as a friendly face, offering you a favour. They can make the offer of a quick loan seem hard to resist, but very quickly the situation can spiral out of control and borrowers can be subjected to threats, violence and intimidation if they struggle to make a payment.

Warning signs to indicate that you could be dealing with an illegal lender include:

•    Being given no paperwork upon the agreement of a loan
•    Being given no detailed information about a loan
•    Having items such as a bank card or passport taken from you until the debt is paid
•    Being threatened or intimidated you if you do not pay on time

The England Illegal Money Lending Team (IMLT), also known as Stop Loan Sharks, is a dedicated team of specialists that are leading the fight against loan sharks across the country.

Set up 20 years ago, the team has helped thousands of people escape the clutches of these criminals and wiped out more than £91.3 million worth of illegal debt.

The team is committed to investigating reports of illegal lending in communities and prosecuting those responsible. Over the past 20 years, it has successfully prosecuted more than 426 illegal lenders, leading to jail terms of 609 years.

If you or someone you know is affected by illegal money lending, contact Stop Loan Sharks for support and advice without delay.

There is a confidential 24/7 hotline available on 0300 555 2222 and a Live Chat facility is available on the website stoploansharks.co.ukbetween 9am and 5pm, Monday to Friday.