Illegal Lenders
If someone has lent you money without proper paperwork, is charging huge interest, or is threatening you, they may be an illegal lender (also called a loan shark). You do not have to deal with this alone. Contact us for free, confidential advice.
Worried you might be dealing with a loan shark?
If someone has lent you money and the situation feels wrong or scary, you are not alone. Illegal lenders (also known as loan sharks) target people who need quick cash, and it can be hard to recognise what is happening at first. You have rights, and there are people who can help.
How to spot an illegal lender
According to the Illegal Lending Team that prosecutes illegal lenders, these questions can help you work out whether someone is a loan shark:
- Did they offer you a quick loan?
- Did they appear to be a friend at first, but now you're not so sure?
- Did they say there was no need for paperwork?
- Did they add extra charges or huge amounts of interest to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, passport, watch or other valuables from you?
If you answered yes to any of these, the person lending you money may be operating illegally.
What you can do
You should contact the Stop Loan Sharks team for specialist advice and support. They are a government-funded service and all contact is confidential.
- Website: www.stoploansharks.co.uk
- Phone: 0300 555 2222
- WhatsApp: 07700 102773
Get help
If you are worried about money you owe to a loan shark, or about any other debt, Youth Legal can help.
- Email us at info@youthlegal.org.uk
- Call us on 020 3195 1906
- Fill in our contact form and we'll get back to you
All our advice is free and confidential.