A loan shark lends money illegally and are one of the biggest hazards in the world of scamming. Loan sharks tend to act like friends, people you can trust – this is at the start. If someone offers you money and ask for more in return, they may be a loan shark They offer loans at extremely high interest rates and are very dangerous – here is what you need to know. 

How to spot a loan shark: 

  • Take items as security: such as passport, banks cards or drivers licenses. 

  • Little to no paperwork offered  

  • Refuse to give you information 

  • Increase the total charges at any time  

  • Intimidate, threat or be violent towards you  

  • Do not offer receipts  

  • Lend to anyone (even under 18’s) 

  • Way too much interest 

Here is more information on spotting a loan shark.

Who do they target? 

  • Unemployed  

  • People with debts 

  • Someone they meet or meet through someone 

  • People on benefits 

If you do end up borrowing money from a loan shark, you are not in trouble – the loan shark is. They are the ones committing the crime and falsely taking your money.  

1 in 5 people find their loan shark on social media.

Please stay aware of what happens online and if you need to report a loan shark or have a suspicion, all details can be found here. After you report a loan shark, they will be with you every step of the way and will get you the support you need – they will take the information you have provided and start to gather a case against the illegal lender.  

There is a 24-hour confidential hotline you can call if you spot a loan shark: 0300 555 2222. Or you can complete a form, email or text - whichever suits you best. 

Stay safe! 

Related Blogs

Aspire to Work We Share Event

Aspire Housing are part of PlaceShapers, the national network of over 100 community-based social housing...

Staff award for stopping loan shark

Aspire Housing’s Housing Services Team is celebrating this week after receiving a national award for its work...

Aspire to Work - employability and skills

Lockdown has been hard for many people. In some cases, this is due to hard times career-wise or being made...

Find Your Perfect Home With Aspire...