Have you borrowed money from a loan shark?
If you have had money from a loan shark, you have not done anything wrong, they are breaking the law.
They are people or organisations that lend money, but are not registered with the Financial Conduct Authority (FCA).
They lend money illegally and often:
- Have very high interest rates.
- Do not give you any paperwork.
- Refuse to give you details of the loan.
- Give cash (though more are doing bank transfers now).
- Take your things as security, such as passports, bank cards or other valuables.
- Use threats of violence to scare people to pay them back.
- Increase the debt or add extra charges so it is hard to ever repay the loan.
To see if a lender is legal, visit: Search the register (FCA).
Important note: If you are in immediate danger from a loan shark, call the Police: 999.
Report a loan shark
England's Illegal Money Lending Team (Stop Loan Sharks) investigate and prosecute them. In England, they are the only organisation who have the power to stop.
To report one, safely and in confidence, contact them:
- Live chat (online): Stop Loan Sharks.
- Email: reportaloanshark@stoploansharks.gov.uk.
- Phone: 0300 555 2222 (24-hour service).
- Text: 07860 022116.
Money and debt advice
Are you thinking of getting money from a loan shark? It is important to reach out for help first!
For details of help and support that is available, please see: Money, debt and benefits advice.
For more information
- Loan sharks (Citizens Advice).
- Illegal lending: loan sharks (MoneyHelper).