It’s time to break the silence around illegal money lending.
Loan sharks will often offer cash loans with no paperwork and add huge amounts of interest or APR to your loan, making it very difficult to clear any debt. A loan shark may also:
- Avoid telling you the interest rate or how much is still owed
- Add random charges or keep increasing the amount
- Take items as security, such as passports, bank cards or driving licences
- Refuse to allow you to settle your debt
- Resort to intimidation, threats or violence
Identifying a loan shark can be difficult, so it’s always important to ask yourself:
- Is the person I’m borrowing from really a friend?
- Did I get any paperwork for the loan?
- Is the lender authorised?
- What happens if I don’t pay them back on time?
If you’re worried that you or someone you know has been targeted by a loan shark, you can call Stop Loan Sharks England‘s 24/7 helpline on 0300 555 2222 to safely report a loan shark and access confidential advice and support.
If you are ever considering turning to a loan shark for help, please get in touch with our welfare benefits team as soon as possible on 0330 303 2222 and select option 7 when prompted.
