Illegal Money Lending (Loan Sharks) | Salford Safeguarding Adults Board

Illegal Money Lending (Loan Sharks)

It is estimated that there are 310,000 people in debt to illegal money lenders in the UK. Illegal money lenders may appeal to people who need money quickly or are having difficulties getting credit, but they can quickly become intimidating and threatening and the loan can spiral out of control.

If the answer is 'yes' to one or more of these questions then it might indicate that someone has been the victim of an illegal money lender or 'loan shark'

  • Did they offer a cash loan?
  • Did they not provide any paperwork?
  • Did they add huge amounts of interest or APR to the loan?
  • Have they threatened you?
  • Are you scared of people finding out?
  • Have they taken a bank card, benefit card, passport, watch or other valuables from you

There are several services available to help people who are having trouble managing debt and some specifically for those who have been the victims of illegal money lending practices.

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