Beware: loan sharks
When money is tight, people often turn to illegal lenders or ‘loan sharks’ to loan them money – seeing this as their only option.
Published On: 16/09/2009
There are risks to consider before borrowing from illegal lenders:
- Interest rates will be high, and fines and charges will be added for missed payments.
- A loan shark will want your loan to last as long as possible so they can make more money.
- They may take your Post Office Card, passport, cards or bank books so you lose control of your money and budgeting - and identity.
- If you don’t pay them they may threaten you with violence.
- Loan sharks are likely to be breaking laws: lending without a license, money laundering, threatening behaviour, theft, and violence.
Remember it is the loan shark who is breaking the law - not the person who has borrowed the money.
The London Illegal Money Lending Team
Telephone: 24 hour confidential hotline 0300 555 2222
Email: sharkbait@lotsa.org.uk
Text to Sharkbait to 60003
Visit: stoploansharks.direct.gov.uk
