Why we need to talk about loan sharks

I’ve seen how people can turn to loan sharks when they are going through tough times - maybe they’ve lost a job, are dealing with a personal crisis, or just feel like they’ve run out of options. Loan sharks often appear to be a friendly, helping hand to get someone out of a tight spot, but their real aim is to profit from that person’s hardship. It’s exploitation, plain and simple.

It can be confusing because loan sharks don’t always look like the villains we imagine. They can be neighbours, co-workers, or even people we once trusted—yes, we have even seen grandmothers. However, there are some telltale signs to look out for:

• There’s no formal paperwork or clear repayment plan.
• They use cash transfers
• They allow you to take out extra loans, which further confuses how much you have to pay back
• The debt keeps growing, even when you’re making payments. This is often down to extremely high interest or late payment fees
• They might take personal items like your passport or bank card as “security”
• And if you miss a payment? Threats, intimidation, and harassment are common tactics.

Loan sharks thrive in secrecy. That’s why I believe talking about money with a trusted partner, family member or friend can be a powerful way to break through the silence. When we open up, we create space for others to do the same. It might give someone the courage to speak up if they’ve been affected or even stop someone from going down that path in the first place.

If you’re worried about someone or even yourself, know that you’re not alone, and there is confidential advice and support available. There are organisations across the UK that specialise in helping anyone affected by illegal money lending, and you won’t get into any trouble for coming forward. Reaching out and having a chat could be the first step toward getting help and taking back control.

• Phone: 0300 555 2222
• WhatsApp: 07700 102773
• Email: reportaloanshark@stoploansharks.gov.uk
• Visit: https://www.stoploansharks.co.ukOpens in a new window

• Phone: 028 9070 0563
• Email: predatorylending@psni.police.uk 
• Visit: https://www.psni.police.uk/reportOpens in a new windowOpens in a new window

• Phone: 0800 074 0878
• Email: stopillegallending@cosla.gov.uk 
• Visit: https://stopillegallending.co.uk/Opens in a new window

• Phone: 0300 123 3311 
• Email: stoploansharkswales@valeofglamorgan.gov.uk 
• Visit: https://www.stoploansharkswales.co.ukOpens in a new window