Loan sharks are illegal lenders who often target people who need money in a hurry and can't access it from legal lenders. Learn how to spot and avoid them.
A loan shark is someone who lends money without the appropriate licence issued by the Office of Fair Trading.
Loan sharks, rarely, if ever give any paperwork and if payments are missed, they may use intimidation or violence to get money from their clients.
If you have ever been offered a cash loan, been threatened with violence when you couldn’t pay, had your bank card taken as security or ended up with a growing debt even if you are making payments, you should report it (in confidence) to: The Illegal Money Lending Team – England Email: reportaloanshark@stoploansharks.gov.uk
Telephone: 0300 555 2222 (Available 24 hours) Text: LOAN SHARK and the lender details to 60003.
For more information about loan sharks, visit: www.stoploansharks.co.uk
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