Illegal money lenders, also known as loan sharks, have become more and more popular over the last years, taking advantage of some people’s desperate need for cash. They often charge very high-interest rates and try to intimidate people to pay the money back. But you can prevent this from happening to you and we’ll show you how to avoid, report, or fight against the loan sharks.
When you need to borrow money, precaution is your best weapon: it is always good to check if a company is authorised to lend money. We advise you to make the wise move: search the Financial Services Register for companies and individuals authorised by the Financial Conduct Authority (FCA).
Is it too late for this, as the borrowed money is already in your pocket? No worries, it is still possible for you to get the help you need. You can report an illegal money lender here, in complete confidence, and even anonymously if you prefer to do so. Stop Loan Sharks is a government agency in the UK that can take legal action for you: they have the power to investigate and prosecute loan sharks and illegal money lenders.
After you have reported a loan shark to Stop Loan Sharks, an officer will ring you, at a suitable time for you. They will talk to you about the money you have borrowed, how you repay it and take further information about the loan shark/illegal money lender. The one-to-one support they offer can help you get your life back and reduce your money worries.
Not sure what a loan shark is? If you can answer yes to one or more of these questions you might be borrowing from a loan shark and it’s best for you to take action:
Tip: if you need advice for an easier life in the UK, you can always contact Opal Transfer team. We are just like you, we have similar experiences in the UK, and we speak your language.
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