Illegal money lending and loan sharks

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.

Loan sharks often work from home, charge very high rates of interest, and don't give you much paperwork to confirm the arrangements they've made with you

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 or to report an illegal money lender, please visit the following link: 

Who we are - England Illegal Money Lending Team (stoploansharks.co.uk)