Avoid loan sharks
News from Rainbow Money Advice
Don’t get involved with a loan shark – yule regret it!
The England Illegal Money Lending Team* are warning people not to turn to loan sharks to cover the cost of Christmas.
Loan sharks are unlicensed lenders that charge extortionate amounts of interest. They have been known to use threatening language, intimidation and even violence when demanding payments from their victims.
- All money lenders require proper permission from the Financial Conduct Authority (FCA) to lend money and those who do not are acting illegally.
- Avoid loan sharks because they will make a difficult financial situation much worse.
- If you need to borrow money, check the lender is authorised and regulated by the Financial Conduct Authority.
- There are legitimate services you can access for help with money, such as credit unions, which offer safe saving and affordable loans options. Find your nearest Credit Union.
- You are not in trouble if you have borrowed cash or have been paying back a loan from an illegal money lender. The loan shark is because they are the people committing a crime, not you.
- You can safely report a loan shark to the Illegal Money Lending Team on 0300 555 2222 or fill out the online form.
- You can also obtain help from Rainbow Money Advice by emailing Stuart at firstname.lastname@example.org,uk or phone/text 07981 760 399.
*The England Illegal Money Lending Teams have secured more than 394 prosecutions for illegal money lending and related activity, leading to nearly 480 years’ worth of custodial sentences and have helped over 29,000 people.