Stop Loan Sharks

This is the new web portal on loan sharks that has been recently launched. 

It includes a national hotline number that people can call from anywhere in the UK and be routed through to their existing regional teams. The aim of the exercise is to create a national brand around the work on illegal money lending.
A ‘loan shark’ is anyone who is lending money without having a licence to do that from the Office of Fair Trading (OFT).

These unlicensed money-lenders are working illegally – they are ‘loan sharks’.

How loan sharks work
Loan sharks all tend to work in similar ways:

- They rarely give any paperwork to the people they've loaned money to - making it very difficult to keep track of how much is owed

- if payments are missed, they often use threats and violence to get more money

- they charge extremely high rates of interest and also add other 'charges' to loans whenever they want

- they take away people's bank cards as 'security' People involved in illegal money-lending tend to be part of other criminal activities, too. This can include gun and knife crime, counterfeiting and drug-dealing.


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