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Main Content: Stop Loan Sharks - 03/02/2011 11:09
They are dangerous and act illegally
A loan shark lends money illegally.
They are unlicensed traders who can 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 borrowd 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 a 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
To check if someone loaning you money is registered with the Office of Fair Trading, visit www.oft.gov.uk/consumercreditregister
If you have 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 6000. (local call rate, including inclusive mobile minutes)
- email reportaloanshark@stoploansharks.gov.uk
For further information, visit www.direct.gov.uk/stoploansharks
