Don’t get bitten by a loan shark
We exist to help people access fair credit and avoid bad debt.
This includes providing a safe alternative to anyone at risk of falling foul of an illegal money lender, commonly known as ‘loan sharks’.
A loan shark is individual who lends money as a business without the appropriate authorisation from the Financial Conduct Authority (FCA).
Loan sharks charge very high interest rates and don’t give you much paperwork to confirm the arrangements they’ve made with you.
They may not have threatened you yet, but most will do at some point if you fall behind on repayments.
They might even take away some of your personal items as ‘security’ on the loan including a passport or driving licence.
They may start out friendly but soon turn nasty to ensure their repayments keep coming.
But what they are doing is illegal and they can be prosecuted.
Being in debt to a loan shark can be a frightening experience but there is help available from Stop Loan Sharks.
If you’re affected by a loan shark please report them to the England Illegal Money Lending who will investigate and provide support.
There is a lot of help out there for anyone who has fallen into bad debt and is desperate for advice.
Please don’t suffer in silence, help is available.
The following organisations will help with debt, legal advice, health, and reporting other crimes:
FREE CONFIDENTIAL DEBT ADVICE For free, confidential debt advice on money worries from legal lenders visit: Stepchange – www.stepchange.org National debtline – www.nationaldebtline.org Christians against poverty – capuk.org Money Advice Trust – www.moneyadvicetrust.org LEGAL ADVICE The following organisations will give you advice on legal issues. Citizen’s Advice – www.citizensadvice.org.uk Citizen’s Advice for consumer legal issues – www.citizensadvice.org.uk/consumer Financial Conduct Authority – register.fca.org.uk HEALTH AND WELLBEING Mind (for mental health problems) – www.mind.org.uk Samaritans – www.samaritans.org.uk GamCare – www.gamcare.org.uk GambleAware – www.gambleaware.co.uk Shelter – england.shelter.org.uk REPORTING A CRIME To report all other crimes apart from loan sharks visit: Crimestoppers – crimestoppers-uk.org