creating communities to be proud of
beware of loan sharks
We've included some useful tips from the government to help you avoid getting into financial difficulty with a loan shark.
Tip 1 – Only borrow from legal lenders
Ask for proof the lender has a Consumer Credit LicenceTip 2 - People lending without a licence are illegal
You are not breaking the law if you borrow from someone without a licence but you are likely to be ripped off and worse.Tip 3 – Illegal lenders are loan sharks
You may have been bitten by a loan shark if your loan keeps growing even though you pay regularly. One loan shark customer had to pay £50 a week out of her benefits of £74 per week. Another was charged 117,000% interest (APR).Tip 4 – Some loan sharks threaten you when you can’t repay
These kind of loans are unenforceable without a court orderTip 5 – Most loan sharks don’t provide paperwork
You never know how much you have paidTip 6 – Report your lender if you don’t think they have a licence
Phone our confidential help line 0300 555 2222. It is staffed 24 hours a day 7 days a week, 365 days a year
- We will check to see if they are legal
- You will not get into trouble with the authorities
- Remember, it is the loan shark who is behaving illegally.
Tip 7 – You probably won’t have to repay loans from an illegal lender
Contact our helpline for guidance.Tip 8 – If you think you’ve been bitten by a loan shark
Call 0300 555 2222 (charges are local rate including inclusive minutes from mobile phones)
Email: reportaloanshark@stoploansharks.gov.uk
Visit: www.direct.gov.uk/stoploansharks/
Tip 9 - If in doubt give us a shout!
The help line is staffed by members of an Illegal Money Lending Investigation Team working with North East Lincolnshire Trading Standards to ensure that loan sharks are brought to justice.
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Registered Charity Number 1107876. |
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