Don't be tempted by Loan Sharks

We know that things may be financially difficult at the moment with furlough ending, more redundancies or even buying uniforms for the children as they return to school. However don't be tempted to turn to a Loan Shark.

A loan shark lends money illegally and are one of the biggest hazards in the world of scamming. Loan sharks tend to act like friends, people you can trust – this is at the start. If someone offers you money and asks for more in return, they may be a loan shark. They offer loans at extremely high interest rates and are very dangerous – here is what you need to know. 

How to spot a loan shark. They usually: 

• Take items as security: such as passport, banks cards or drivers licences. 

• Offer little or no paperwork

• Refuse to give you information 

• Increase the total charges at any time  

• Intimidate, threaten or show violence towards you

• Do not offer receipts  

• Lend to anyone (even under 18’s) 

• Charge way too much interest

Here is more information on spotting a loan shark.

Who do they target? 

• Unemployed  

• People with debts

• Someone they meet or meet through someone 

• People on benefits 

If you do end up borrowing money from a loan shark, you are not in trouble – the loan shark is. They are the ones committing the crime and falsely taking your money.  

Please stay aware of what happens online and if you need to report a loan shark or have a suspicion, all details can be found here. After you report a loan shark, they will be with you every step of the way and will get you the support you need – they will take the information you have provided and start to gather a case against the illegal lender.  

There is a 24-hour confidential hotline you can call if you spot a loan shark: 0300 555 2222. Or you can complete a form, email or text - whichever suits you best. 

Stay safe!