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.