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 and people you can trust, but this is just the start.
If someone offers you money and asks for more in return, they may be a loan shark. They offer loans at extremely high interest rates and are very dangerous. Here is exactly what you need to know.
How to spot a loan shark:
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Take items as security: such as passport, banks cards or drivers licenses
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Little to no paperwork is offered to officiate it
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They refuse to give you information
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Increasing the total charges at any time
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Intimidate, threaten or act violent towards you
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Do not offer you receipts
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Lend money to anyone (even under 18’s)
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They are way too interested
Who do they target?
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.
Here is more information on spotting a loan shark.
Please stay aware of what happens online. If you do need to report a loan shark or have a suspicion, all details can be found here. After you report a loan shark, Stop LoanShars will be with you every step of the way and 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!
