Sleigh no to loan sharks this Christmas!
Christmas is a time for joy, family gatherings, and celebrations, but it can also bring financial pressure. The cost of parties, presents, and festive food can quickly add up, leaving some of us struggling to make ends meet.
Unfortunately, this is when loan sharks can strike. These illegal lenders prey on vulnerable people, offering what seems like a friendly helping hand – but behind the smiles lies a dangerous trap.
What is a loan shark? Loan sharks are illegal money lenders. They often appear trustworthy, sometimes they’re a neighbour, a parent at the school gate, a work colleague, or even a family friend. Borrowers often don’t realise they’ve been targeted until it’s too late. What starts as a small loan can spiral into a nightmare. As these lenders aren’t regulated, they can demand high charges and interest payments and sometimes use intimidation or violence when you can’t pay.
What are the warning signs? If you’re considering borrowing money, watch out for these red flags:
· No paperwork or written agreement for the loan.
· Repayments far higher than the amount borrowed.
· Threats or intimidation if you struggle to pay.
· Demands for personal items like your passport, bank card, or valuables as security.
If any of these sound familiar, you may be dealing with a loan shark.
Safer alternatives
If you need to borrow, consider a credit union or CDFI. They offer ethical, safe loans even for people who’ve been refused credit elsewhere. You can search for providers here:
· findyourcreditunion.com
· responsiblefinance.org.uk
· nestegg.ai
How to get help
If you think you’ve been targeted, don’t suffer in silence. The England Illegal Money Lending Team (IMLT) known as Stop Loan Sharks – is here to help. They investigate illegal lenders and support victims. You’ve done nothing wrong by borrowing, the lender is the criminal. You can contact Stop Loan Sharks confidentially and anonymously if needed:
📞 24/7 Hotline: 0300 555 2222
📱 WhatsApp: 07700 102773
💻 Live Chat: www.stoploansharks.co.uk (Mon–Fri, 9am–5pm)
✉ Email: reportaloanshark@stoploansharks.gov.uk
Don’t let a loan shark steal your Christmas joy this year – Sleigh No To Loan Sharks!
