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.
What you need to know
- A loan shark is someone who lends money but charges very high interest rates.
- High interest rates means you have to pay back more than you borrowed.
- They are not legal lenders and do not follow the law.
- Loan sharks often target people who can’t borrow money from banks or other safe places.
Why are they dangerous?
- They make you pay back much more money than you borrowed.
- If you can’t pay on time, they might threaten or hurt you.
- They don’t use written agreements, so it’s hard to prove what you owe.
Signs of a loan shark
- They make you pay back much more money than you borrowed.
- If you can’t pay on time, they might threaten or hurt you.
- They don’t use written agreements, so it’s hard to prove what you owe.
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?
Stop Loan Sharks
- Service:
- They investigate and take action against loan sharks.
- Your information will be kept private.
- They are not the Police: Always call 999 if you are in immediate danger.
- Phone: 0300 555 2222
- Open 24/7
- Website and Live Chat: Stop Loan Sharks Live chat open:
- Monday to Friday
- 9.00am to 5.00pm
If you are having difficulties, please contact the Friends, Families and Travellers helpline on 01273 234 777. We are open:
- Monday to Friday
- From 10.00am to 4.30pm
- Closed on Bank Holidays
