Loan Sharks

Don’t get in with a loan shark…it will cost you an arm and a leg

‘Mike’ borrowed from a loan shark and repaid a staggering £90,000. After contacting the Illegal Money Lending Team, the loan shark was brought to justice. Hear Mikes story here

Does this familiar to you? Have you or anyone you know:

  • Been offered a cash loan without proper 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 can answer yes to the above you may have been bitten by a loan shark

Illegal money lending (loan sharking) is a criminal offence and often sees unlicensed lenders target vulnerable people.

The National Trading Standards Illegal Money Lending Teams in England and Wales investigate and prosecute illegal money lenders. Hosted by Birmingham City Council and Cardiff Council the teams work in partnership with trading standards services across England and Wales.

The teams are made up of specialist investigators and victim support officers from various backgrounds including trading standards, policing and debt advice.

If you believe you, or someone you know has borrowed from an illegal money lender please call the team in confidence on 0300 555 2222 (local call rate, including inclusive minutes from mobiles).

You may also like to talk to our local Credit Union at Eastern Savings & Loans and read their latest newsletter