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Livewell Southend

GOV.UK - Report a Loan Shark

Loan sharks operate illegally without correct permissions from the Financial Conduct Authority and often charge very high interest rates. .You can check if a company is authorised to lend money and report loan sharks anonymously.

These criminals usually appear friendly at first, but quickly trap borrowers into spiralling debt. As the debts can’t legally be enforced, many lenders resort to the most extreme and callous methods to get their repayment including threats, violence and intimidation.

Paperwork is rarely offered, so victims are often in the dark about how much they are actually paying.  Exorbitant amounts of interest can be added at random - the highest interest seen was equivalent to 131,000% APR.

In some cases, loan sharks have been known to take items as security including passports, driving licences or even bank or post office cards with the PINs to withdraw directly from borrowers’ accounts. 

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This service, organisation or event is listed for your information. With the exception of services offered directly by Southend-on-Sea City Council, inclusion on Livewell Southend does not confer or imply endorsement, approval or recommendation by Southend-on-Sea City Council. The Council can take no responsibility for the quality, reliability or accessibility of the service, organisation or event listed. You should thoroughly check the service or event, and the organisation running it, before deciding to take part or attend.

  •  Record created: 04 Nov 2019

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