Name:  Loan_sharks.jpg
Views: 0
Size:  71.0 KB

As Christmas is coming up, people may be spending a little bit more money than usual over the coming months. So we just wanted to give you some information about unauthorised money lenders, also known as loan sharks.

Over 310,000 households in the UK use illegal money lenders every year. Loan sharks operate a money lending business without permission from the Financial Conduct Authority (FCA) and are acting illegally.

SIGNS OF A LOAN SHARK

  • Rarely offering paperwork, so those who borrow from them are kept in the dark about how much they still owe
  • Extremely high interest rates
  • Additional amounts added to the debt
  • Taking items as security, such as passports and bank cards
  • Resorting to extreme methods to reclaim their debts, such as threats, intimidation, violence or worse

TIPS ON HOW TO SPOT AND AVOID LOAN SHARKS

  • Check your lender is FCA authorised – you can search their database to see if the lender is legal by visiting the FCA website
  • Contact your local credit union about safe savings and affordable loans

REPORT A LOAN SHARK

  • Call 0300 555 2222 – a 24 hour helpline, all calls are confidential
  • Visit the Stop Loan Shark website where anonymous, safe and confidential live chat services are available on weekdays from 9am – 5pm. Or you can visit @StopLoanSharksProject on Facebook
  • Text 07860 022116 for advice and support

You can also download 'Stop Loan Sharks' - a free mobile app providing support and information to anyone who may be the victim of a loan shark or concerned about someone they know.