Charity urges families to steer clear of loan sharks

ICAN is giving out a strong message this Xmas urging people to steer clear of loan sharks.

ICAN is working with the Illegal Money Lending Team, Welcome Credit Union and local community groups to highlight the issues surrounding illegal money lenders.

WHAT IS A LOAN SHARK?

A loan shark lends money illegally.
They are unlicensed traders who rip you off.

They are illegal because:
• all lenders must be licensed by the Office of Fair Trading.
Loan sharks are not
• all lenders have government agreed standards for money
collection. Loan sharks do not
• legally all loans must have paperwork outlining charges,
the amount you have borrowed and the amount you need
to repay. Loan sharks do not provide this.

How can you tell if you have borrowed money from a loan shark?

Loan sharks often:
• offer you a cash loan but do not give you any paperwork
• take your benefit or bank card as security on the loan
• loan sharks don’t tell you when you will finish paying
• increase the amount you owe even if you are making
regular payments
• threaten or use violence to get money from you.

If you’ve borrowed money from a loan shark you haven’t broken the law, they have.

To report them in confidence:
• call 0300 555 222
• text ‘loan shark’ and details to 60003
(local call rate, including inclusive mobile minutes)
• email reportaloanshark@stoploansharks.gov.uk

For further information visit
www.direct.gov.uk/stoploansharks

For information about Welcome Credit Union please contact 01942 828702

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