Stop Loan Sharks

A loan shark is someone who lends money without authorisation from the Financial Conduct Authority (FCA). They often tend to initially appear friendly and helpful but can then turn to violent and aggressive behaviour to force victims to repay the loans with huge interest and extortionate penalties.

It’s not always easy to spot a loan shark as they come in many different guises and will at first appear friendly, just part of the community. It’s when you can’t pay that they will turn on you. They could be a regular from the local pub, a parent in the school playground or a friend of a friend.

It may seem like a difficult step to take, but there is support available from the England Illegal Money Lending Team.

You will usually find these predators lurking in communities, but they also operate on social media, using dating sites and online groups to find, threaten and control people in debt.

Here are some of the warning signs to watch out for that a lender is acting illegally:

• Giving you no paperwork or agreement on a loan
• Refusing to give you information about the loan
• Keeping items such as your passport and bank card until the debt is paid
• Taking things from you if you don’t pay on time
• Adding more interest or charges so the debt never goes down
• Using intimidation or violence if you don’t pay
• Starting off by being your friend but quickly turning nasty