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:
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Take items as security: such as passport, banks cards or drivers licenses.
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Little to no paperwork offered
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Refuse to give you information
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Increase the total charges at any time
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Intimidate, threat or be violent towards you
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Do not offer receipts
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Lend to anyone (even under 18’s)
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Way too much interest
Here is more information on spotting a loan shark.
Who do they target?
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Unemployed
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People with debts
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Someone they meet or meet through someone
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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.