Loan sharks are illegal money lenders. They lend money at very high interest rates and use strict, often scary ways to get their money back.
Key Points
- Illegal Lenders: Loan sharks operate outside the law.
- High Interest Rates: You will have to pay back much more than you borrowed.
- Threatening Behavior: They might use threats or violence to collect money.
How to Identify a Loan Shark
If you answer “yes” to any of these questions, you might be dealing with a loan shark:
- Did they offer you a cash loan?
- Did you not receive any paperwork?
- Did they charge a very high interest rate?
- Have they threatened you?
- Are you worried about others finding out you borrowed money?
- Have they taken valuable items or documents from you?
How to Get Help
Stop Loan Sharks is an organization that can help you. They investigate and take action against loan sharks. They can keep you safe and provide support if you report a loan shark.
- Confidential Service: Your information will be kept private.
- Support Available 24/7: You can get help any time.
- Step-by-Step Advice: They will guide you through the process.
- Not the Police: Always call 999 if you are in immediate danger.
- Helpline (24hrs): 0300 555 2222
- Website and Live Chat: Stop Loan Sharks (Available 9am to 5pm, Monday to Friday)
If you are experiencing difficulties please contact the Friends, Families and Travellers helpline on 01273 234 777. We are open Monday to Friday, 10am to 4.30pm excluding bank holidays.
Correct as of July 2024.
