The issue of loan sharks will be in the spotlight during next week’s Stop Loan Sharks week.
Being in debt to a loan shark is more than just a financial burden, it can be a terrifying, isolating, and emotionally draining experience. For many, it feels like being trapped in a nightmare with no way out.
The Public Protection Partnership is supporting its partners in promoting Stop Loan Sharks Week 2025.
If you’re not sure that your lender is a loan shark, there are a few red flags to look out for:
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They may not give you any paperwork or agreement about the loan.
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They may keep items until the debt is paid such as your bank card or passport.
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They are likely to add interest or charges so the amount you owe never seems to decrease.
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They may use intimidation or violence if you don’t pay.
Illegal lenders thrive on fear and silence. They don’t just lend money they trap people in a cycle of intimidation and psychological control, leaving victims too afraid or ashamed to ask for help.
One borrower summed this up in heartbreaking terms, when asked by a support worker where he saw himself on the path to recovery.
The support worker said: “I once put to him ‘if you are in a hole and I’ve got a ladder and you had to climb out, where would you see yourself on that ladder?’
His comment was ‘I can’t even see the ladder’.”
But there is help out there. Stop Loan Sharks has been fighting illegal money lending and supporting borrowers for 20 years. Taking that first step toward getting support can feel overwhelming and borrowers may fear the consequences or blame themselves for getting into this situation.
They may worry they won’t be believed, or that things will only get worse if they speak up.
The latest figures from Stop Loan Sharks show that it can take someone up to four years to seek help.
In 2024, nearly half (49%) of people who reached out also reported mental health struggles which was the highest level recorded to date.
This highlights the emotional damage caused by illegal money lending.
Around 38% of people helped by Stop Loan Sharks had previously sought debt advice and many didn’t mention the loan shark debt at first often out of fear, shame, or thinking no one could help.
You can call Stop Loan Sharks in confidence on 0300 555 2222. Lines are open 24 hours a day seven days a week and there will be a real person at the end of the line to talk to.
You can call for advice, think things over, and reach out again when you’re ready.
It is possible to speak to them anonymously if you prefer. There is also an option to use Live Chat, email or WhatsApp messaging rather than speak on the phone.
Some borrowers may have concerns about what will happen if they report a loan shark. The Stop Loan Sharks officer will simply take as much detail as you can give and begin a discreet investigation.
Your call will always be treated in complete confidence. The officer can also connect you with the right organisations that specialise in financial advice and emotional support. Living under the control of a loan shark is not your only option.
There is a way out, and it starts with reaching out.
Councillor Iskandar Jefferies, chairman of the joint public protection committee, said “Taking that first step might be scary, but it can also be the turning point.
“It’s the start of a journey back to freedom, financially, emotionally, and mentally and the sooner that step is taken, the better.”
“Stop Loan Sharks officers are a team of professionals, trained to offer confidential, compassionate support tailored to the differing needs of borrowers. They also have the powers to investigate and ultimately prosecute loan sharks.”
If you or someone you know is affected by illegal money lending, call the 24/7 free confidential helpline 0300 555 2222, text or WhatsApp on 07860 022116, or email reportaloanshark@stoploansharks.gov.uk
