The definition of a loan shark is not about interest rates or harassment; it is about having a licence. Anyone wishing to lend money as a business (outside of friends or family) must have a Consumer Credit Licence from the Office of Fair Trading.
Loan sharks do not have this licence and frequently do not provide forms or paperwork for an individual to fill in. It means the client, or victim, never knows where they stand and can spend years (and thousands of pounds) paying the loan shark back. The highest APR that has been found on the team is 117,000%.
The illegal money lending team is asking for each LAT’s help in promoting the campaign in the following ways;
Talk about the issue in your community and ask people if they know of anyone lending money without a licence
Share information and intelligence with the Illegal Money Lending Team on 0300 555 2222 – calls are anonymous and confidential
Put up posters and share leaflets (a pack will be coming to each LAT for distribution)
Look out for any postcards advertising loans in shop windows – do they have a licence to lend money or are they a loan shark? Get in touch and the Illegal Money Lending Team can check this out for you.
Thank you very much for the support –
Jo Clarke
Illegal Money Lending Team
07833 059 280
