Are they demanding high repayments and making you feel threatened or uneasy? If so, you may have borrowed from an illegal money lender (more commonly known as a loan shark).
An illegal money lender is someone who lends money without authorisation from the Financial Conduct Authority. They are not bound by rules that exist to protect borrowers and they can often charge extortionately high interest rates and use intimidation tactics to get you to pay.
Illegal money lenders may pretend to be a friend in order to persuade people to borrow in the first place and to maintain control, they can use threats or violence.
They always prey on the borrower’s fear that they will be exposed and shamed. But borrowers should feel no blame or shame as they have done nothing wrong - the loan shark is the criminal.
Stop Loan Sharks’ specialist officers are here to help and not to judge.
To contact Stop Loan Sharks, call the 24/7 confidential hotline on 0300 555 2222.
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