Could you spot a loan shark

Have you ever come across someone in the community who is known to lend money? They may be a well-known character, offering to help people out when they need a bit of extra cash. But behind that friendly façade, they could be a loan shark – a criminal who lends money and demands repayments without authorisation from the Financial Conduct Authority. Without that authorisation, they are not bound by rules that protect borrowers. They can make up their own rates of interest and can use threats, intimidation and violence when someone struggles to pay The signs of an illegal lender include: Being given no paperwork or details about the loan Not being sure about what you have to repay, and ending up paying more than you thought Being intimidated or threatened if you struggle to pay Being told to hand over items like bank cards or a passport until you can pay The lender may appear to be a friend when they first approach, but can change when you miss a payment If you do come across someone like this, there is help available from the England Illegal Money Lending Team (IMLT) – also known as Stop Loan Sharks. The IMLT is made up of specialist officers who are experts in investigating and prosecuting loan sharks and supporting borrowers. The IMLT was created 20 years ago and since then has supported over 31,700 people, written off over £91.3 million worth of illegal debt, and secured over 420 prosecutions for illegal money lending, leading to more than 600 years in jail. You can contact Stop Loan Sharks by calling the 24/7 confidential hotline 0300 555 2222