Loan Sharks

 Help us stop loan sharks now.
With an estimated 310,000 households in the UK borrowing from unlicensed lenders or loan sharks as they are more commonly known, illegal money lending is a problem across the country. Anyone who operates a money lending business without a licence from the Office of Fair Trading is acting illegally. The England Illegal Money Lending Team are cracking down on unlicensed lenders who...
• Rarely offer paperwork so those who borrow from them are kept in the dark about how much they still owe.

• Can charge extortionate rates of interest- rates of 131,000% APR have been seen.

• Add additional amounts to the debt so the borrowers struggle to repay.

• Take items as security. These items could even include passports and bank cards.

• Resort to extreme methods to reclaim their debts. This could mean threats, intimidation, violence or worse.
One victim spoke out “I couldn’t afford to pay my bills and the rent as I had to pay the loan shark so life was getting pretty desperate. He said ‘pay me don’t feed the children.’ The kids have been subjected to a hostel and attended five schools. It nearly cost me my marriage”
Loan sharks are not a community service and should never be used under any circumstances. Many loan sharks start out as a friend to their borrower but quickly change.
If you have borrowed from an unlicensed lender you have not broken the law, they have. Speak to us in confidence.
To report a loan shark:
Call the 24/7 confidential hotline 0300 555 2222
Text ‘loan shark + your message’ to 60003
E-mail reportaloanshark@stoploansharks.gov.uk
Private message us at www.facebook.com/stoploansharks