Keep your money safe – avoid loan sharks

More than 1 million people in England are in debt to loan sharks. Knowing the signs can help you protect yourself and your money.

A loan shark is an illegal money lender who isn’t authorised by the Financial Conduct Authority (FCA). They don’t follow the rules designed to protect borrowers and can charge whatever they like.

They may seem friendly at first, offering to lend you money when you need it most — but this can quickly lead to serious problems such as threats, intimidation or even violence.

Warning signs to watch out for

You could be dealing with a loan shark if:

• You’re given no paperwork
• There’s no clear information about how much you owe or how long repayments will last
• You’re asked to pay back more than you borrowed
• Personal items (like your bank card, passport or phone) are taken as security
• You’re threatened, pressured or intimidated if you miss a payment

If you or someone you know is affected by a loan shark, help is available. Stop Loan Sharks offers free, confidential support with no judgement or blame. The people breaking the law are the loan sharks - not the borrowers.

Call: 0300 555 2222 (24/7)

WhatsApp: 07700 102773 (Mon–Fri, 9am–8pm)

Visit: www.stoploansharks.co.uk/

Play the game to beat loan sharks

Stop Loan Sharks has launched a new interactive game to help young people learn about the dangers of illegal lending.

The game was created by Digital Arts Box, a community interest company based in Runcorn, and funded using money seized from convicted loan sharks.

Have a go: www.stoploansharks.co.uk/game-over-for-loan-sharks

Looking for a safer way to borrow?

West Cheshire Credit Union offers fair and affordable loans, as well as other financial support.

https://www.wccu.co.uk/