– let’s make it game over
Loan sharks don’t always look like villains. Sometimes, they change
character, switch tactics and reinvent themselves - just like players in an
online game.
But this isn’t a game. And the consequences are real.
A loan shark, also known as an illegal money lender, is someone who lends
money without proper authorisation from the Financial Conduct Authority
(FCA). That means they don’t have to follow the rules that exist to protect
borrowers. They set their own terms, charge what they want, and stack the
game against you from the very start.
Loan sharks often appear friendly at first can - they reinvent themselves to
look like a trusted friend, a neighbour, another parent at the school gates or
someone recommended by family. But behind the friendly avatar, is
someone playing a dangerous game with people’s lives.
When they offer to do you a favour by lending you money when you need it,
it can feel like an easy option. But once you’ve pressed ‘start’, the game has
begun and things can quickly spiral out of control.
If borrowers struggle to keep up with repayments, what began as a helping
hand can turn into intimidation, threats or even violence. And in real life,
there’s no pause or exit button, just constant pressure and fear.
Knowing the warning signs can help you recognise when something isn’t
right. You could be dealing with a loan shark if:
You’re given no paperwork
There’s no clear information about how much you owe or how long you’ll pay it back
You’re being asked to pay back more than you borrowed
Personal items such as a bank card, passport or phone are taken as security
You’re threatened, pressured or intimidated if you miss a payment
The England Illegal Money Lending Team (IMLT), also known as Stop
Loan Sharks, exists to help people take back control and put an end to
illegal lending.
Set up over 20 years ago, the team has helped tens of thousands of
people escape loan sharks and brought hundreds of illegal lenders to
justice.
Most importantly, they support people without judgement or blame.
If you or someone you know is affected by a loan shark, you are not in
trouble. The people breaking the law are the loan sharks - not the
borrowers.
Support is available, and there is a way out.
You can contact Stop Loan Sharks in confidence, 24 hours a day, on 0300
555 2222. There is also a WhatsApp service available from 9am to 8pm
Monday to Friday on 07700 102773. Visit stoploansharks.co.uk for more
information and other ways to get in touch, including a Live Chat facility.
Get the right support – and help make it game over for loan sharks.