Loan SharksMy Community Bank is pleased to promote the work of Stop Loan Sharks England, as part of our goal of fighting financial exploitation.
Help to protect the community from loan sharks
A loan shark is someone who lends money illegally without proper authorisation from the Financial Conduct Authority (FCA). These criminals are lurking everywhere – they can be another parent in the school playground, a friend of the family, or a neighbour.
Loan sharks can make the offer of quick cash seem hard to resist, but very quickly the situation can spiral out of control and borrowers can be subjected to threats, violence and intimidation.
Warning signs to indicate that someone could be dealing with an illegal lender include giving no paperwork upon the agreement of a loan, refusing to give detailed information about a loan, intimidation and threats, taking items such as a bank card or passport until the debt is paid, and taking things from the borrower if payments aren’t made on time.
The England Illegal Money Lending Team (IMLT) is a dedicated team of specialists that are leading the fight against loan sharks. They have helped thousands of people escape the clutches of these criminals and wiped out nearly £90 million worth of illegal debt.
The borrower is not in trouble if they have used a loan shark, it’s the loan shark that’s committing a crime, not the person who took the loan.
If you or someone you know is affected by illegal money lending, contact Stop Loan Sharks for support on 0300 555 2222 or visit www.stoploansharks.co.uk. Live chat is available on the website between 9am and 5pm, Monday to Friday. You don’t even need to give your name.