SPRING 2023 LOAN SHARKS Its time to break the silence on loan sharks illegal activities Illegal money lending has a devastating and long-lasting impact on victims and their families, as loan sharks will use harassment, intimidation and violence to exploit people in desperate need of quick cash. As the current cost-of-living crisis pushes more and more people into the jaws of loan sharks, TSBN is working with the England Illegal Money Lending Team (IMLT) to urge businesses to look out for signs that their employees might have fallen victim to an unscrupulous lender. Loan sharks charge extortionate rates of interest and trap their victims in a cycle of debt that can last for years even decades. A report published by the Centre for Social Justice estimated that 1.08 million people in England could be borrowing from an illegal money lender. This figure has more than trebled since 2010. !Loan sharks charge extortionate rates of interest and trap their victims in a cycle of debt that can last for years even decades Unscrupulous lenders befriend their victims and seek to exploit their financial vulnerabilities. They often charge exorbitant interest rates and apply threats, fear or force to ensure repayment of loans. Almost two-thirds (64%) of loan shark victims in England were introduced to the lender by friends or family, and more than half (56%) had considered the loan shark a friend before borrowing from them. Predatory lenders can come in many guises, including work colleagues, which can make it difficult to identify them. The England IMLT and TSBN are keen to raise awareness of the risks associated with illegal money lending, and help businesses identify the warning signs that it might be affecting their staff. Its a crime that remains underreported. Loan sharks are often seen as a last resort for people who have no other option for obtaining credit. If you suspect illegal money lending in your workplace, report it to the IMLT, which will investigate. Call the Stop Loan Sharks 24 Hour Helpline on 0300 555 2222 or use the confidential live chat service, available 9am5pm, Monday to Friday. Credit: Cath Wohlers, Illegal Money Lending Team Image: shutterstock / Zenzen If you run a business and would like to work with us on a campaign to combat loan sharks in your community, or to arrange a free awareness session for your staff, email partner@stoploansharks.gov.uk. For further information, please contact your local Trading Standards Service For up-to-date news stories and information, follow us on Anonymous Hotline 0300 303 2636 Is your sector being undermined by unscrupulous traders operating outside the law? Report them via Trading Standards Anonymous Hotline or online and help level the playing field for honest businesses.