Loan sharks

What is a loan shark?

Loan sharks are illegal money lenders who often charge very high interest rates. You can check if a company is authorised to lend money and report loan sharks anonymously.

If you can answer yes to one or more of these questions you might be borrowing from a loan shark:

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

Check if a lender is registered

You can search the Financial Services Register for companies and individuals authorised by the Financial Conduct Authority.