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If you Have Been Bitten by a Loan Shark

 

What An Illegal Lender or Loans Shark Is

  • All money lenders have to be licensed by the Financial Conduct Authority. Illegal money lenders are not licensed
  • All lenders have government agreed standards for money collection. Illegal lenders do not
  • Legally all lenders must provide paperwork outlining charges, the amount you have borrowed, and the amount you have to repay, loan sharks will not provide such paperwork

How to spot if you have an illegal loan 

Loan Sharks often:

  • Offer you a cash loan but do not give you any paperwork
  • Take your benefit or bank card as security on the loan
  • Increase the amount you owe even if you are making regular payments
  • Threaten or use violence to get money from you
  • Offer you a loan without doing credit or affordability checks

 

Where and How to Get Help 

Remember all reports are in confidence

If you have borrowed money from a loan shark you haven't broken the law, they have

If you are worried and feel you need to report an illegal money lender or get some further advice or support then please contact

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