Not Sure What A Loan Shark Is? Signs to look out for

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 quick loan?
  • Did they appear to be a friend at first, but now you’re not so sure?
  • Did they say there was no need for paperwork?
  • Did they add extra charges or huge amounts of interest to your loan?
  • Have they threatened you?
  • Are you scared of people finding out?
  • Have they taken your bank card, passport, watch or other valuables from you?

What Is A Loan Shark?

A loan shark is someone who lends money illegally without authorisation from the Financial Conduct Authority (FCA) and demands more in return. They can target people who are vulnerable or who might have been turned down for financial credit, offering loans with no paperwork, no credit checks and no real explanation of the final cost to the borrower.

Loan sharks are dangerous because of this practice. They can add excessive charges or interest rates to loans, demand repayments whenever it suits them and may use threats or violence to intimidate borrowers to keep paying. Many borrowers end up paying back far more than they initially borrowed and some are never able to clear the debt at all.

Illegal lending is a criminal offence in England. It does not matter how friendly, local or trustworthy a loan shark seems, they are operating illegally and you have the right to get help.

We’re here for you. Get in touch for advice and support

We understand that taking the first step to get help or report a loan shark is scary, but we are here to support you and keep you safe.

Complete our form below to safely and confidentially speak to a member of our team. Whether you want to report a loan shark or simply get advice we can help.

You can complete the form if you think you are paying money to a loan shark or if you know someone who is.

Please provide as much information as you can or call us on 0300 555 2222. Our team members are here to speak to you any time of day or night.


    What happens after you contact us?

    We will be with you every step of the way. Our investigators work alongside our Liaise Officers. They will give you one to one support if needed. This might involve help with housing or debt issues, referrals for health problems or even advice about borrowing money safely.

    If you decide to report, our investigators take the information you give us and start to look into what is going on. Their aim is to gather enough evidence to build a case against the illegal lender. Read Maria’s story to understand how we help.

    How we help

    Stop Loan Sharks investigate and prosecute loan sharks. Our official title is the England Illegal Money Lending Team. We are the lead organisation in England with the power to prosecute loan sharks and illegal money lenders.

    We offer support to people who have borrowed from a loan shark, even if they decide not to make an official report. Since 2004, we have helped over 33,00 people.

    How a loan shark differs from a legal lender

    If someone is lending you money they must be registered with the Financial Conduct Authority.

    A legitimate lender has to be registered with the FCA and follow rules that exist to protect borrowers, such as carrying out affordability checks, offering cancellation periods and offering help if they can’t pay.

    Search the FCA database to see if the lender is legal or call us on  0300 555 2222 and we will help.