Don’t let a loan shark ruin your Christmas - here's a blog from the England Illegal Money Lending team on how to spot the signs and where to go for help.
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:
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 (community development finance institutions). They offer ethical, safe loans even for people who’ve been refused credit elsewhere. You can search for providers here:
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
CCHA residents can also call our friendly Income Team on 0800 085 1171 for advice and support.
Don’t let a loan shark steal your Christmas joy this year – sleigh no to loan sharks!