You can help - report a loan shark

"Loan sharks" prey on vulnerable people, who are often those on low or restricted incomes. They may already have outstanding debts, and are unable to apply for credit in the conventional way so see the "loan shark" as an answer.

They may at first be offered a small amount, for example £100 to be repaid at £10 a week for 20 weeks, making a total of £200 to be paid back - A VERY HIGH RATE OF INTEREST. But it doesn't stop there. Before the loan is fully paid off, the loan shark will offer a further £100 at the same rate and with the pressure of other debts the temptation to increase the loan is often too great to resist and so it goes on, until before they know what they have done, the borrower is trapped and has a debt they have no chance of repaying.

These loan sharks are not licensed by the Office of Fair Trading (OFT) who ensure that anyone lending money as part of their business is fit to hold a licence. They do not give borrowers any cooling off time or indeed any legal contract. If the borrowers cannot pay they are intimidated. Many end up further in debt with rent arrears and non payment of utility bills so increasing their problems.  People in this situation are then often too ashamed or afraid to ask for help and advice.

If you know of someone who offers short term, high interest loans to vulnerable people, or know of people who need help and advice please let us know, by clicking the link below and completing the online form,

Online Report

If you prefer you can phone and speak to a Consumer Direct advisor on 08454 04 05 06 who will record your information and pass it to Kent Trading Standards. Your contact can be completely confidential, you will not need to give your name or address.