Don't get bitten by loan sharks
17 February 2016
Loan sharks are moneylenders who charge extremely high rates of interest, typically under illegal conditions. They often target low income and desperate families, with some loan sharks charging interest rates as high as 719,000%.
You could be the victim of a loan shark if you or anyone you know has:
- been offered a cash loan without paperwork
- been threatened when you couldn't pay
- had your benefit or bank card taken from you
- had a loan which keeps growing even though you are making payments
If you think you've been the victim of a loan shark, and would like some confidential help and advice, you can contact the Illegal Money Lending Team by either:
Calling them on 0300 555 2222
Sending them an email at firstname.lastname@example.org
If you'd like to find out more about loan sharks, and the steps you can take to avoid them, the Money Advice Service have lots of information about how best to protect yourself on their website.