LoanSharksAreMonsters

As Halloween approaches, it’s important to remember that while ghosts and goblins don’t really exist, there are real monsters that do – Loan Sharks
What are Loan Sharks?
Loan sharks are illegal money lenders who typically target vulnerable individuals with offers that can quickly turn into financial nightmares.
They usually charge high interest rates (APR) and will NOT be registered with the Financial Conduct Authority. You can discover if a company is authorised to lend money. You can do this by contacting 0300 500 0597 or Financial Conduct Authority | FCA
#LoanSharksAreMonsters – The Warning Signs.
- No loan paperwork or agreement provided to the borrower
- They may pretend to be a friend at first, offering you a favour
- They keep your possessions (passports, bank cards, etc.) until the debt is paid.
- They take things from you if you don’t pay on time
- They continue to add more interest or charges, meaning the debt never reduces
- They may resort to intimidation or violence if you don’t pay
Reporting Suspicious Activities.
If you suspect someone is operating as a loan shark, you can report them to the Illegal Money Lending Team anonymously at Stop Loan Sharks or by calling the confidential 24/7 helpline on 0300 500 2222.
BDCU’s Campaign Against Loan Sharks
We have created the #LoanSharksAreMonsters campaign. This initiative aims to raise awareness about the dangers of illegal money lending, which has become increasingly prevalent during financially challenging times.
We have identified numerous loan sharks in the past. Click the link below for a project we took part in in 2019.
Loan sharks cash in on Black Friday spending spree – BBC News
Through partnerships with organisations like the Illegal Money Lending Team, we have engaged in community outreach to educate residents about the risks associated with loan sharks. Our Money SOS workshops offer practical advice on managing finances, understanding loans and avoiding predatory lenders.
If you’re struggling with your finances, please check out our financial education page for helpful guidance – Financial Education – Bradford District Credit Union (bdcu.co.uk)
If you’re interested in obtaining a loan with a low APR, please visit our loan page to check your eligibility: Loan – Bradford District Credit Union (bdcu.co.uk)
Beware of Loan Sharks and stay safe for Halloween