3. Loan sharks and illegal money lending
What is a Loan Shark?
Find out about illegal lending and what to do if you have borrowed from a loan shark.
What is a loan shark and how to report a loan shark
Stop Loan Sharks
The England Illegal Money Lending Team (IMLT) investigates and prosecutes illegal money lenders and provides support for borrowers in the UK whilst also offering help and advice for people who have borrowed money from an illegal money lender.
Checking a lender is authorised
You can find out whether a money lender is authorised by checking the register on the Financial Conduct Authority (FCA) website.
What to do if you owe money to a Loan Shark
In England, if you think a money lender is operating without being FCA authorised, you can visit the Stop Loan Sharks website to report the activity.
If you're threatened by someone who lends you money
If someone who has lent you money threatened you or is violent, contact the police straight away.
Do this even if it's an informal loan from someone you know, such as a friend of family member.