Illegal money lending and loan sharks
Intervention, support and education
A money lender must be authorised by the Financial Conduct Authority (FCA) to lend money legally. Money lenders who aren’t authorised by the FCA are breaking the law. They are known as loan sharks.
Risks of loan sharks
Loan sharks charge very high rates of interest, and don't give you paperwork to confirm the arrangements they've made with you.
Signs you're borrowing from a loan shark
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 cash loan?
- did they not give you any paperwork?
- did they add huge amounts of interest or APR to your loan?
- have they threatened you?
- are you scared of people finding out?
- have they taken your bank card, benefit card, passport, watch or other valuables from you?
For further information, support or advice, contact The England Illegal Money Lending Team.