We’re giving loan sharks the red card and helping our communities stay safe
We know families are struggling with the rising cost of living and there is an increasing threat of loan sharks in our communities.
Accrington Stanley Community Trust is working with the England Illegal Money Lending Team (IMLT) to kick loan sharks out of our neighbourhoods and keep residents safe from predatory lending practices.
Loan sharks are a significant problem here in the UK, and young people are particularly vulnerable to their tactics. We’re determined to help our communities understand the dangers associated with illegal money lending – and ensure that no young person is taken advantage of.
We are delighted to announce that we have been awarded a grant from the IMLT under their Stop Loan Sharks Community Fund. This will enable us to deliver educational sessions in schools and youth clubs, with a particular focus on helping young people to keep their money safe and avoid falling into the dangerous trap of using loan sharks in the future.
We’ll be using our social media channels to spread awareness about the risks of loan sharks, how they can be avoided and the support available to those affected. In addition to this, the national IMLT mascot ‘Sid the Shark’ will be touring local estates to help get the message out to residents.
How can you spot a loan shark and what are the warning signs?
The loan shark might be a friend or acquaintance, or they might simply be someone known in the area for lending money.
They may deal in cash, rarely provide any paperwork, and will charge exorbitant amounts in repayment or they may not even be clear about what the borrower has to pay back.
Loan sharks can be very dangerous and sometimes they use threats and violence against those who fall behind with their payments.
If you can answer yes to one or more of these questions, you may be borrowing from an illegal money lender:
- Did they offer you a cash loan or bank transfer?
- Did they not give you paperwork?
- Did they add huge amounts of interest or APR to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, passport, watch or other valuables from you?
If you or someone you know has been targeted by a loan shark, help is available. Call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or use the confidential live chat service to access support at www.stoploansharks.co.uk. Live chat is available on the website between 9am and 5pm, Monday to Friday.
