Illegal money lending
Illegal money lenders or people commonly called loan sharks, loan money out to people within communities, but they are not registered with the Financial Conduct Authority.
You check if your lender is registered with the Financial Conduct Authority (FCA) by using the FCA Firm Checker on the FCA website.
What is a loan shark?
If you can answer yes to one or more of these questions you, or someone you know, 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?
To get support and help if you or someone you know is borrowing money from a loan shark you can contact the Stop Loan Sharks team, which has the power to prosecute loan sharks and illegal money lenders in England. Stop Loan Sharks also offers support to people who have borrowed from a loan shark and their families. To find out more about the team and what it does, call 0300 555 2222 or WhatsApp on 07700 102 773 for free confidential support. Help is also available by visiting the Stop Loan Sharks website.
