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Never Borrow From Loan Sharks

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28Jul

BHT has been campaigning throughout July in partnership with the England Illegal Money Lending Team to raise awareness of loan sharks and the dangers of borrowing money from them.

Illegal money lending is a problem across the country with an estimated 310,000 individuals affected.

Loan sharks will typically appear friendly at first but their behaviour can quickly change with some resorting to threats, violence and intimidation to enforce their debts.

They operate illegally, without the correct permissions from the Financial Conduct Authority and rarely give paperwork, keeping borrowers in the dark as to how much they are paying back.

Some will even take items such as passports as security or even bank cards with the PIN in order to withdraw directly from borrowers’ accounts.

Research shows that loan sharks will often target people who are on low incomes, as well as those who may struggle to obtain credit from legitimate sources.

Never borrow from loan sharks, they can ruin lives.

To report a loan shark or to seek confidential advice please call the Illegal Money Lending Team.

Call the 24/7 confidential hotline on 0300 555 2222, text ‘loan shark + your message’ to 60003,  send an email or send a private message via Facebook

You can also follow the Illegal Money Lending Team on Twitter @loansharknews

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