Recent statistics show one in five victims met the loan shark on social media.
Loan sharks are increasingly using platforms like Facebook, Instagram and Snapchat, to advertise illegal loans and target potential victims. In this article advice on how to stay safe from online loan sharks is discussed as well as access to help for anyone affected.
How to stay safe from online loan sharks
Know who you’re dealing with. If you’ve only ever met someone online or are unsure of the legitimacy of a lender, take some time to do a bit more research. Check the lender is authorised by the Financial Conduct Authority (FCA). If not, don’t borrow from them – report to the Stop Loan Sharks team.
Beware of loan adverts with no credit checks. Loan sharks have been known to advertise in community groups and on local selling pages. They may seem friendly and accommodating, but their behaviour can quickly change, and you might be harassed or threatened if you get behind with your repayments. Lenders must carry out credit checks to make sure borrowers can afford to pay back their loans. You should never hand over your bank details to strangers, even if they lure you with attractive offers. Remember, if it looks too good to be true, it probably is.
Beware of any requests for your details or money. Loan sharks may ask for copies of your passport or pictures of your house, the street and your house number. Never send money or give card details, online account details or copies of personal documents to anyone you don’t know or trust.
How to get help
Stop Loan Sharks 24-hour Helpline
Anyone affected by loan sharks can call the helpline: 0300 555 2222, 24 hours a day, 365 days a year to speak to a trained member of the Stop Loan Sharks team.
Live Chat
Live Chat service is available between 9am and 5pm weekdays and can be accessed on the website www.stoploansharks.co.uk. The new platform gives those who need help the option to discuss their situation 1:1 with a support worker from Stop Loan Sharks and seek advice discreetly and confidentially.
Stop Loan Sharks App
Free to download from the Apple App Store and Google Play.
The app includes a contact form and phone number to report loan sharks, as well as information to help victims of illegal money lending to get support. Users can receive push notifications about loan shark arrests and cases in their area.
Worried about someone else
Anyone affected by loan sharks or concerned about someone they know can call the helpline or access one to one support through Stop Loan Sharks Live Chat. Find out how to get help if you or someone you know is a victim of illegal money lending: www.stoploansharks.co.uk/worried-about-someone-else
