“No blame, no shame” for debt to a loan shark: Stop Loan Shark Week 2024

We are supporting Stop Loan Shark Week to highlight to our customers and communities the dangers of illegal money lending.

This year’s theme is ‘No Blame, No Shame’ for anyone who has borrowed from a loan shark.

Illegal money lenders are experts at deception and often pose as a friendly face, winning victims over with offers of small loans to meet unexpected expenses. But when it comes to repayments, things can quickly turn nasty.

Loan sharks trap and manipulate their borrowers, making them think it is their fault they are in this situation. The truth is the illegal lender is at fault. No borrower should feel any blame or shame for being entrapped by a loan shark.

The Stop Loan Sharks team can provide support for anyone who thinks they or someone they know may be dealing with a loan shark, and we encourage our customers to reach out for help if they need it.

Keys signs someone might be involved with a loan shark

Knowing these signs might help you, a friend, a colleague, or a family member get the help they need:

• Cash loans without paperwork
• Use of benefit or bank cards or other valuables as security
• Use of threatening behaviour to get money
• Huge amounts of interest or APR added to loans
• Borrower scared of the person they owe money to

Credit Unions are safer alternatives to access affordable credit

If you do need to borrow money, Credit Unions are financial co-operatives that offer a safe and secure place for people to save and borrow.

Read more about Credit Unions.

Help and support with a loan shark

If you or someone you know might be involved with a loan shark, contact the Stop Loan Sharks England team today.

Visit www.stoploansharks.co.uk for more information or call the Stop Loan Sharks 24/7 confidential helpline on 0300 555 222.