Loan sharks
Don’t be tempted by loan sharks
Loan sharks are unlicensed money lenders who
charge high rates of interest and often resort to violent
and threatening behaviour to recover monies owed to them. The
best advice for anyone considering borrowing money from a loan
shark is 'don't', there are always alternative ways to cope with
debt.
Credit unions are an inexpensive and
trustworthy way of obtaining a loan and also offer savings
accounts. For more information on local credit unions
visit the HertSavers website.
Have you borrowed money from an illegal money lender
or:
- been offered a cash loan without paperwork?
- been threatened when you couldn't pay?
- had your benefit or bank card taken from you?
- had a loan which keeps growing even though you are making
payments?
If you can answer yes to any of the above you can
get confidential help and advice by contacting the
illegal money lending team.
You can find more information on dealing with loan
sharks on the DirectGov website.
Considering a loan?
Check the lender is legally registered. The Consumer Credit Public Register
lists every lender with an Office of Fair Trading licence, as
well as those who have applied for one or have had one taken
away or suspended.
It's free to get basic information from the
register, including trading names and the activities for which a
business is licensed. To search the public register, telephone 020
7211 8608 between 9.30am and 4pm Monday to Friday.
If a lender isn't listed as having a current
licence it is recommended that you do not borrow money from
them.