If you can answer yes to one or more of these questions you might be borrowing from a loan shark:

• Did they offer you a cash loan?

• Did they not give you paperwork?

• Did they add huge amounts of interest or APR to your loan?

• Have they threatened you?

• Are you scared of people finding out?

• Have they taken your bank card, benefit card, passport, watch or other valuables from you?

Loan sharks are not regulated and authorised by the Financial Conduct Authority (FCA). Instead, they operate outside illegally. They offer cash loans with extremely high interest rates, with no paperwork with repayment terms. 

Loan sharks usually target people in financial difficulty. When you struggle to repay the loan, they may use threatening behaviour and pressure you into borrowing more from them to repay one debt with another.

Even if you borrow a small amount, dealing with a loan shark can quickly spiral out of control. You can end up owing them a lot of money.

"Roughly 1.08 million people in the England are estimated to owe money to illegal money lenders."

Stop Loan Sharks will help you get safely away from loan sharks. You can call them. Use this link to complete an online form to report a loan shark online.

Remember, it’s not illegal to borrow this money, it’s the illegal lender who’s breaking the law. You don’t need to worry about getting into trouble with the police if you report it. 

If you believe someone you know may be a loan shark victim, it’s important to:

• Listen carefully and give them time to talk

• Acknowledge they’re in a scary situation but there’s a way out

• Remind them it’s not their fault, and they're not alone

• Let them know the loan shark has no legal right to recover the debt

• Suggest they visit their GP or a Hospital if they’ve experienced any physical harm

• Use the Stop Loan Sharks contacts to get help

For more information, visit: Stop Loan Sharks: Worried about someone else.