Avoid Loan Sharks

What is illegal money lending?

Illegal money lenders or loan sharks are people who lend money but do not have any valid credit authorisation. Loan sharks prey on the most vulnerable people in society and cause immense misery. Prior to the team’s existence, illegal money lending was largely a hidden crime and local authorities lacked the resources, specialist skills and training needed to tackle it effectively. The practice of illegal money lending is generally linked to other serious organised criminal activity.

If someone is lending money to you they must be authorised by the Financial Conduct Authority. You can search their database by clicking here.

Across Scotland, there are many agencies that offer support to people who may be thinking of using a loan shark or have debt issues. Some of these organisations are:

Advice Works

Renfrewshire Citizens Advice Bureau

StepChange Debt Charity

MoneyHelper

How to spot a loan shark

You might also have heard about someone in your community who will give you a loan, no questions asked. This is likely to be an illegal lender or loan shark who may seem friendly at first.

Help is available from the Trading Standards Scotland Stop Illegal Lending campaign

You are not in trouble if you have borrowed cash or have been paying back a loan from an illegal money lender – they are the one committing a crime, not you. Take the first step to getting your life back and managing your money and debts by calling a confidential loan shark helpline on 0800 074 0878 or via their online reporting form.

The helpline is open 24 hours a day, 7 days a week for anyone who has any concerns or questions about illegal money lending or loan sharks. We can provide immediate support with urgent issues and longer-term support to help you move away from using loan sharks.

What options do I have if I need money fast?

There are alternative legal lenders on our other pages, or why not join a credit union? Visit our Other Credit Sources page for more options.

What options do I have if I need money fast?

There are alternative legal lenders on our other pages, or why not join a credit union? Visit our Other Credit Sources page for more options.

Get In Touch