According to Stop Loan SharksOpens in a new window 62% of victims of loan sharks believed them to be a friend when they borrowed money.
It’s important to avoid borrowing from people who you don’t know well, such as colleagues, casual acquaintances, friends of friends, or people you recognise in your local community or faith group.
If someone you don’t know well offers to lend you money, steer clear – they might be a loan shark
If you have borrowed from someone and they’re threatening you, charging excessive amounts of interest, or have taken something like your passport or bank card away from you, this behaviour might make them a loan shark. If you’re in this situation, important to get advice. Safely make a report by calling Stop Loan SharksOpens in a new window on 0300 555 2222
They’ll contact you at a time to suit you and give you advice for dealing with the situation. They’ll also explain what will happen next, and help you get the financial, housing or debt support you might need.