Illegal Money Lending
Stop Loan Sharks
If money is tight, don’t be tempted to use a loan shark.
A real life story of a Loan Shark borrower provided on the Illegal Money Lending Team (IMLT) website
We work with The Trading Standards South East illegal money lending team. Working together helps us to tackle loan sharks in our local area. Trading Standards South East illegal money lending team are:
- authorised to operate in the area
- will investigate loan sharks or illegal lending and related criminal activity
- will prosecute loan sharks for illegal lending and related criminal activity
They work closely with many partners such as:
- IW trading standard services
- credit unions
- housing associations
- the health sector
- voluntary groups
All to raise awareness of the dangers of loan sharks. Providing advice and how to spot the warning signs.
If you are a victim, they can help you understand and regain control of your finances and support witnesses through court cases.
People often start by borrowing a small amount but have to pay excessive interest rates. This leads to them ending up paying back far more than they imagined. In fact, they are often not aware of how much they pay. Most loan sharks rarely provide paperwork or repayment plans or explain what interest rates they are charging.
It is unfortunate that loan sharks have been known to resort to violence and intimidation to get back what they think they are owed. Having the illegal money lending team available to investigate allegations on the island acts as a deterrent to any loan sharks. It also provides reassurances to the Island local community.
The team will be asking people to stop and think:
- have you, or anyone you know, been offered a cash loan?
- have you been threatened when you couldn’t pay?
- has your benefit card been taken from you?
- does what you owe keep growing even though you are making payments?
- do you know the total amount owed, the APR or how to cancel?
Nationally, the 'Stop Loan Sharks' project has helped more than 11,500 victims. They have written off more than £31 million of illegal debt, secured more than 60 years of prison sentences. Are pursuing over £10 million of criminal assets through the courts.
Education and Schools
Resources have been developed by teachers to warn young people about Loan Sharks. All funded by prosecuted Loan Sharks through the Proceeds of Crime Act. All helping to educate and prevent young people from using illegal money lenders.
The materials contribute to a variety of curriculum areas, Maths, English, PSHEe, Drama, Art and Design and cover all key stages. They are PFEG quality marked and also deliver many core learning objectives from the PFEG primary and secondary planning frameworks.
For primary schools, lessons about keeping your money safe, where does money come from and the difference between need and want. It also introduces the idea of saving and looks at issues around borrowing and lending possessions and money.
For secondary schools, lessons about safer lending and borrowing that reflect key financial inclusion objectives around when and how to borrow, values around money, saving and what can go wrong if you don’t make the right choice. There are lessons on credit, shopping around to get the best credit deal and the dangers of borrowing from Loan Sharks.
Resources produced by the England Illegal Money lending Team (IMLT) pre 2024:
- Vimeo.
- Lessons about keeping our money safe, 5 to 11 year olds (PDF,8.03Mb, 46 pages).
- Lessons in safer lending and borrowing for 11 to 19 year olds (PDF,8148Mb, 84 pages).
- Please don't be tempted to use a loan shark (PDF,152.58KB, 1 page).
Access confidential help and advice
For confidential help and advice
- Call 0300 555 2222
- Email reportaloanshark@stoploansharks.gov.uk.
- Text “loan shark” and your message to 60003.
- Visit the Stop Loan Sharks website
The Illegal Money Lending Team can provide advice as soon as you call.
Remember, you will not get into trouble with the authorities, it is the loan shark that is breaking the law!