The Stop Loan Sharks project targets illegal money lenders, more commonly known as loan sharks. The Teams look into illegal lending and any related crimes.
Loan sharking is a criminal offence. Illegal money lenders operate without a licence, often targeting vulnerable people. Remember if you have borrowed from a loan shark you have not committed a crime, they have.
What is a Loan Shark?
If you can answer yes to one or more of these questions you might be borrowing from a loan shark:
- Did they offer you a cash loan?
- Did they not give you paperwork?
- Did they add huge amounts of interest or APR to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, benefit card, passport, watch or other valuables from you?
We understand that reporting a loan shark is scary but we will keep you safe.
Stop Loan Sharks will investigate and put people who are lending money illegally in prison.
Please contact us if you think you are paying money to a loan shark or if you know someone who is.
Call us on 0300 555 2222 our team are here to speak to you any time of day or night. Or visit the Stop Loan Sharks Facebook Page.
Organisations from across Wolverhampton, including City of Wolverhampton Council and Wolverhampton Homes have signed the Stop Loan Sharks pledge.
Here you find out information to report a loan shark.