A loan shark is an illegal moneylender. They often charge very high rates of interest, offer cash loans without the need for much paperwork, add charges to the loan during the term and use intimidation tactics or violence.
There are many risks attached to borrowing from a loan shark. Loan sharks often target low income or vulnerable families.
How do I protect myself from loan sharks?
Before borrowing money from an organisation, check that it is registered with the Financial Conduct Authority (FCA).
If a lender is not listed with the FCA, do not borrow money from them and do not let them into your home.
Report a loan shark
If you are in immediate danger, call the police on 999.
To report a loan shark anonymously contact the Illegal Money Lending Team:
24-hour phone line: 0300 555 2222
Text a report to 07860 022 116
Report online and find further information on the Stop Loan Sharks website. Stop Loan Sharks is a government agency set up to investigate and prosecute loan sharks and illegal money lenders in England.