Stay safe and don’t get hooked by a Loan Shark
Published: 3/1/2025
Financial difficulties can be stressful, and Loan Sharks will try to take advantage of that. Loan Shark can be violent and threatening, so it is important you know how to spot them and how to get help.
What are Loan Sharks?
Legal money lenders must be authorised by the Financial Conduct Authority (FCA) to operate. Unlicensed money lenders are breaking the law and are known as loan sharks.
How to recognise a loan shark?
Loan sharks often exhibit these red flags:
- Operate from private residences or unregistered businesses.
- Charge very high rates of interest.
- Provide minimal or no paperwork for your loan.
- Resort to threats, violence, or confiscation of valuables to collect debts.
If you have been approached by a loan shark
Remember, you have not committed a crime, the loan shark has. So do not hesitate to seek help.
What to do if you think you are dealing with a loan shark:
- Verify the lender’s authorisation: visit fca.org.uk to see if they are registered.
- Contact the Illegal Money Lending Team: Call on 0300 555 2222 or email reportaloanshark@stoploansharks.gov.uk . Visit their website HERE
- If you have been threatened by a lender, contact the police straight away. Even if this is an informal loan from someone you know, such as a friend or family member.
Needing Financial support?
Visit https://ovh.org.uk/support/customer-support-directory/ , to discover a wide range of local support resources.