Illegal money lenders
Contents
Overview
Have you taken out a loan with an illegal money lender, often called 'loan sharks'?
Because they're not licensed, loan sharks operate outside the law. If you borrow from them it's likely you'll:
- Get a loan on very bad terms
- Pay a massive rate of interest
- Be harassed if you get behind with your repayments
- Be pressured into borrowing more from them to repay one debt with another.
If you have borrowed money from a loan shark you are under no legal obligation to repay the debt. You should contact Trading Standards immediately. They will help you deal with your situation and the loan shark.
Get in touch
You can contact South Tyneside Trading Standards, Monday to Thursday, 9am to 5pm and Friday, 8.30am to 4.30pm.
To get in touch call:
- 0191 424 7896 or;
- 0191 424 4402
You can also phone the in-confidence helpline on 0300 555 2222 (9am to 5pm, Monday to Friday).
Report an illegal money lender
You can report an illegal money lender online:
Stop Loan Sharks: Report a loan shark
Further help and information
This information can help explain what to do if you have borrowed from an illegal money lender (loan shark).