Illegal money lending
Illegal money lenders, often called loan sharks, operating in Southwark should be reported to the Illegal Money Lending Team (IMLT), a National Trading Standards service. The team was created to combat the activities of loan sharks.
Loan sharks
A loan shark is someone who lends money without required authorisation from the Financial Conduct Authority. They often target vulnerable people and those on a tight budget.
Loan sharks rarely, if ever, offer any paperwork. If clients miss payments, loan sharks often resort to intimidation and violence.
You may be the victim of a loan shark if:
- you've been offered a cash loan
- you've been threatened when you can't pay
- your bank card has been taken from you as security
- what you owe keeps growing even though you're making payments
Reporting illegal money lending
If you, or anyone you know, is experiencing any of the above or if you have information on loan shark activities, immediately contact the team in confidence:
- telephone: 0300 555 2222
- email: reportaloanshark@stoploansharks.gov.uk
- text to 6003: loan(space)shark(space) + your message
- visit the Stop Loan Sharks website
Credit Union
Southwark's Credit Union provides secure current and savings accounts, loans and insurance.
If you'd like to apply:
- call 020 7787 0770
- visit the Credit Union website
Page last updated: 31 May 2017
