Illegal Money Lending (Loan Sharks)

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Stop Loan Sharks A loan shark is an unlicensed money lender. They are not regulated by the Office for Fair Trading, do not follow their code of practice and they operate outside of the law.

Borrowing from an illegal money lender may mean that you:

get a loan on very bad terms
pay an extortionate rate of interest (rates as high as 131,000 per cent APR have been recorded)
will be harassed if you get behind with your repayments
are pressured into borrowing more from them to repay one debt with another

Cestria Community Housing is a ‘Stop Loan Sharks’ campaign partner and is working with the Illegal Money Lending Team to stamp out loan shark activity in Chester-le-Street.

You are not breaking the law by borrowing from an illegal money lender, they are.

Reporting a loan shark (in confidence) could not be simpler:

phone 0300 555 2222
text LOAN SHARK and your details to 60003
email the Stop Loan Sharks team at reportaloanshark@stoploansharks.gov.uk

If you would like any more information on how to deal with a loan shark, please visit the Illegal Money Lending Team website here.

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