Beware of loan sharks

Loan sharkThe England Illegal Money Lending Team (IMLT) is warning people of the dangers of borrowing from loan sharks.

A loan shark is someone who lends money without the correct permission from the Financial Conduct Authority.

They rarely provide paperwork on the loans they give out and often refuse to tell the borrower how much they owe, how long they have to pay it back and how much interest they are being charged.

Residents are advised to steer clear of loan sharks who may be offering quick cash loans to afford luxury items.

Loan sharks may initially appear friendly and act as though they’re offering a community service, but they commonly use bullying tactics, violence and intimidation to enforce repayment, causing borrowers endless misery. 

Report a loan shark 

The Illegal Money Lending Team, who investigate and prosecute illegal money lending offences, has already helped 26,000 loan shark victims.

If you or someone you know has been a victim of a loan shark please:

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