A Loan Shark is someone who lends money without the correct permissions, usually at extremely high interest rates. The permission to lend money is granted by the Financial Conduct Authority (FCA). Loan Sharks rarely, if ever, give any paperwork and if payments are missed they often use intimidation and violence to get money from their 'clients'. Because they are not regulated lenders you are under no legal obligation to repay the loan.
If you have any information, however small, on loan shark activities, contact the Illegal Money Lending Team below.
The team is national, so although based in Birmingham, they cover and investigate illegal money lenders across the whole of England.
If you can answer yes to any of the questions below then you may have been “bitten” by a loan shark. If you, or anyone you know, is experiencing any of these things or has any knowledge of loan shark activities then please contact the team in confidence.
- Have you been offered a cash loan?
- Have you been threatened when you couldn't pay?
- Has your bank card been taken from you as a security?
- Does what you owe keep growing even though you are making payments?
Contact the team 24 hours a day, seven days a week by:
Text: loan(space)shark(space) + your message to 60003
You can also find out more about the team’s work on their Facebook page.