Avoid illegal loan sharks
Illegal loan sharks may offer tempting cash loans, however anyone lending money should always be authorised by the Financial Conduct Authority. Official lenders have to follow the law and use proper paperwork and fair collection methods.
You’re not in trouble if you’ve borrowed money or have been paying back a loan from a loan shark, they are the people committing a crime, not you. The team from Stop Loan Sharks, the group that investigate illegal loan sharks, has launched a short story competition to help people learn about the dangers of loan sharks.
You can find out more about loan sharks and submit your entry to the short story competition on their website. If you think you have borrowed from a loan shark and want help or advice, please contact the Illegal Money Lending team on 0300 555 2222.
You can also make a report online.