At Citizens Advice North Hertfordshire, we know how quickly money worries can build.
When bills rise, work changes, benefits are delayed, or an unexpected cost arrives, a quick cash loan from someone who appears helpful can seem like an easy option.
A loan shark is someone who lends money without proper authorisation from the Financial Conduct Authority. They operate outside the rules designed to protect borrowers, setting their own terms, charging unfair amounts and putting people under pressure when repayments become difficult.
Once someone borrows from a loan shark, things can quickly spiral. What begins as a helping hand can turn into something more devastating. Borrowers may feel trapped, ashamed or frightened, although the person breaking the law is the lender, not the borrower.
There are warning signs to look out for. You may be dealing with a loan shark if you are given no paperwork, there is no clear information about how much you owe, or you are asked to repay far more than you borrowed. Other red flags include a bank card, passport or phone being taken as security, or threats if you miss a payment.
Support is available. The England Illegal Money Lending Team, also known as Stop Loan Sharks, helps people safely escape illegal lenders. They offer confidential, non-judgemental support and can help people take back control.
If you or someone you know is affected, you are not in trouble.
Contact Stop Loan Sharks confidentially on 0300 555 2222, WhatsApp 07700 102 773, or visit stoploansharks.co.uk
