What is a loan shark?
A loan shark is someone who lends money illegally.
They are not approved by the Financial Conduct Authority (FCA).
This means:
- they are breaking the law
- they are not regulated or safe
How to recognise a loan shark
A loan shark may:
- charge very high interest rates
- give little or no paperwork
- operate from home or informally
- act like a business but without legal approval
They may also:
- threaten or intimidate you
- take your money, belongings, or bank cards
In some cases, they may:
- use violence
- force people into illegal activities
Check if a lender is legal
Before borrowing money, check the Financial Services Register.
This will tell you if a lender is authorised by the FCA.
Report a loan shark
If you think someone is an illegal lender, or you have borrowed from one, you can report it anonymously.
Call: 0300 555 2222