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Managing money safely: Loan Sharks

Citizens Advice Gateshead is committed to protecting our community from the harm caused by illegal money lending. Loan sharks prey on vulnerable people, trapping them in cycles of debt through intimidation and fear. But what exactly is a loan shark? A loan shark is someone who runs a money lending business without permission from the Financial Conduct Authority (FCA). They rarely provide paperwork and, if payments are missed, often resort to threats or violence to recover money. Only lenders authorised by the FCA can legally lend money – anyone operating without this authorisation is breaking the law.

Have you been targeted by a Loan Shark?

If you can answer yes to one or more of these questions you might be borrowing from 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?

Stop Loan Sharks investigate and prosecute loan sharks. Their official title is the England Illegal Money Lending Team. They are the lead organisation in England with the power to prosecute loan sharks and illegal money lenders. They offer support to people who have borrowed from a loan shark, even if you decide not to make an official report. Since 2004, Stop Loan Sharks have helped over 32,500 people.

What to do if you think you’ve borrowed from a loan shark

If you’ve taken money from a loan shark, you haven’t broken the law – the lender has. They are committing a crime, not you.

Loan sharks are increasingly targeting people online, using social media to lure in new victims. Be cautious of any offers to borrow money from strangers or companies you don’t recognise.

Reporting a loan shark

If you suspect you’ve borrowed from a loan shark, you can call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222. This connects you to the England Illegal Money Lending Team, who will listen confidentially, offer advice, and provide specialist support. You can also report the matter in the following ways:

➼ Call 0300 555 2222 at any time of the day or night
➼ Email reportaloanshark@stoploansharks.gov.uk
➼ WhatsApp on 07700 102773
➼ Text on 07860 022116

WhatsApp messaging service available Monday to Friday, 9am to 5pm. Messages can be sent to 07700 102773

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Company limited by guarantee registered in England and Wales 2631064 and registered Charity 1020565. VAT Number 484972535. Registered office The Davidson Building, Swan Street, Gateshead, NE8 1BG. Citizens Advice Gateshead ar regulated by the Financial Conduct Authority (FCA). Reference number: 617611
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