How to spot a loan shark
If you think you’re being exploited by a loan shark or are worried about someone else who may owe money to an illegal lender, you can get help from England’s Illegal Money Lending Team. This Government funded team investigates and prosecutes loan sharks, while protecting and supporting the victims. Even if you want to remain anonymous, your information may help to put a stop to this crime and protect others.
A loan shark (or illegal money lender) is someone who lends money for profit. Usually there is no written agreement, and you may have no clear idea of the amount of interest being charged. You find that you are put under emotional pressure or the threat of violence to keep making the repayments.
This short film can help you spot the signs.
Since 2004, the Illegal Money Lending Team has carried out over 2,500 investigations and helped over 32,000 people free themselves from illegal loans, writing off in excess of £87 million of debt.
To contact the Illegal Money Lending Team to report a loan shark:
- Visit www.stoploansharks.co.uk – there’s a live web chat
- Call 0300 555 2222 – you can report anonymously and calls are not recorded
- Download the app – search ‘stop loan sharks’ in your app store
- Email reportaloanshark@stoploansharks.gov.uk
