Loan sharks are criminals that offer extremely dangerous ways of getting fast cash or an easy loan.
Some loan sharks may present themselves as a friend to begin with. Many people are not aware of the dangers of loan sharks. B has always been aware of loan sharks and the dangers that come with loan sharks. When B found out about credit unions B realised money could be dealt with in a much simpler way.
How B Found us
5 years ago B came across Hoot Credit Union at a local event in Bolton where anyone could attend. B became a member with us on the day of the event and was able to start saving with us straight away.
B is now a parent to 4 and has already started educating them about credit unions and how they promote saving habits.
Today B is still saving with us, and taking out loans when she needs. She has recently been borrowing from us to get a new car, which she pays for through her child benefit, so any money B receives is hers to keep.
“To anyone who is already involved with a loan shark or is thinking about going to one, there is always a safer/ easier way. You don’t need the hassle of loan sharks and the credit union is a safe, friendly solution.”
Here is a message from the illegal money lending team
If you’re in the unfortunate position of being in hock to a loan shark, please know that you’re not alone and there is help out there.
A loan shark is someone who lends money without authorisation from the Financial Conduct Authority (FCA). They often appear friendly and helpful at first, but can turn to violent and aggressive behaviour to force victims into repaying the loan with huge interest and extortionate penalties.
It’s not always easy to spot a loan shark as they come in many different guises and will at first appear friendly, just part of the community. They could be a regular from the local pub, a parent in the school playground or a friend of a friend.
Loan sharks prey on people at their most vulnerable. Borrowing from a loan shark can seem like an easy option but often it will lead to a vicious cycle of threats, intimidation, and spiraling debts.
You will usually find these predators lurking in communities, but they also operate on social media, using dating sites and online groups to find, threaten and control people in debt.
What to watch out for
Here are some of the warning signs to watch out for that a lender is acting illegally:
- Giving you no paperwork or agreement on a loan
- Refusing to give you information about the loan
- Keeping items such as your passport and bank card until the debt is paid
- Taking things from you if you don’t pay on time
- Adding more interest or charges so the debt never goes down
- Using intimidation or violence if you don’t pay
- Starting off by being your friend but quickly turning nasty
If you believe you or someone you care about, may be involved with a loan shark or suspect that one is operating in your area, you can seek specialist support from the Illegal Money Lending Team by calling 0300 555 2222. Alternatively email [email protected] or fill out an online form at www.stoploansharks.co.uk. Live Chat is also available on the website between 9am and 5pm, Monday to Friday.