A recent report showed that 1.08 million people in England could be borrowing from a loan shark. If you, or a family or friend, are struggling you are not alone.
Let’s open the conversation about the dangers of loan sharks, and the support that is available for anyone affected by illegal money lending.
What is a Loan Shark?
Loan sharks are individuals who lend money illegally at extremely high interest rates. Sometimes threatening harm to borrowers if they do not pay.
They can keep people trapped in an endless cycle of debt for years, often with devastating consequences.
What is Stop the Loan Sharks Week?
It runs from the 26th September to 2nd October 2022. It is a campaign to show how to help available anyone targeted by loan sharks.
It wants to open the conversation and give tips on how to talk to someone you trust if you need help.
How to support someone you’re worried about:
It can be hard to talk about debt and loan sharks. The most important thing is to provide a space for someone to talk about their experiences.
Some questions you could use to start:
- Have you ever been pressured into taking out a loan with high interest rates?
- Are you paying back much more than what you borrowed?
- Has anyone acted aggressively towards you when you didn’t pay back a loan?
- Did they use any type of physical force or threats?
How to report a loan shark:
If you have been affected by loan sharks or have concerns about someone you know, confidential advice and support is available from the Illegal Money Lending Team.
Call the Stop Loan Sharks 24 Hour Helpline on 0300 555 2222.
You can also visit the website for more information. Live Chat is available on the website between 9am to 5pm, Monday to Friday
What are the alternatives?
If you need a loan, there are other forms of affordable credit you might be able to use.
Find out more on our