Let's talk Loan Sharks

Partner organisations across the country have shared their support for the England Illegal Money Lending Team’s latest campaign, #LetsTalkLoanSharks, which aims to shed light on loan sharks and how they operate, as well as offer support to those affected by their unscrupulous activities. 

The campaign included positive messaging about getting help with a loan shark situation and offers
support to those who have been affected by illegal money lending. The tactics utilised by illegal lenders are very manipulative and they exert their influence over victims by playing on their emotions.

Loan sharks may appear as friendly or helpful people in an informal setting such as at the school gate or local pub. They may offer to lend a very small sum of money only to demand much more back later. It can often be difficult for victims to report the crime because they fear they will be accused of committing a crime themselves or are worried about reprisals from the perpetrator.

A report published by the Centre for Social Justice estimates that more than a million people could already be in debt to an illegal lender in England. This figure has more than trebled since 2010. For many victims, the stigma associated with this crime prevents them from speaking out about what has happened, resulting in many people being unaware of the dangers or where to turn for help. Loan sharks utilise unlawful and unethical tactics to coerce people into borrowing money at extortionate interest rates. Many harass, threaten and even physically assault their victims into paying back far more than they could ever have imagined.

Growing numbers of people could turn to predatory loan sharks out of desperation as the cost of living crisis deepens. Now is the time to fight back against these ruthless criminals who are destroying the lives of millions of people.

Help them end the misery caused by loan sharks by spreading the word and supporting their campaign. 

If you have been approached by a Loan Shark report them now 0300 555 222 or visit www.stoploansharks.co.uk.