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1. www.bbc.co.uk › news › business-67254009'I thought he was my friend but he was a loan shark’ - BBC

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   Nov 3, 2023 · When single mum-of-two Sarah began struggling to make ends meet she borrowed money from a family friend. She said she trusted him "completely" but he turned out to be a loan shark. Sarah, not...

2. www.placesforpeople.co.uk › helpful-guides-tips › myHow to spot and avoid loan sharks - Places for People

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   Jul 12, 2024 · Signs that someone is a loan shark. If they don’t provide full paperwork for the loan agreement. If they won’t show you details of their consumer credit licence. If they don’t give you clear information about the loan, such as the interest rate, total amount owed and repayment amounts etc.

3. www.sofi.com › learn › contentLoan Sharks: What Are They? How to Avoid Them | SoFi

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   Sep 29, 2023 · A loan shark is someone who lends money to desperate borrowers at exorbitantly high interest rates, well above the legal limits. Loan sharks don’t run credit checks, which can make them appealing to borrowers with bad credit. In some cases, loan sharks may threaten — or occasionally use — violence to make sure borrowers repay their debts.

4. Videos

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     What are Loan Sharks? (Beware!)

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     Dealing with Loan Sharks - New Film Documentary

     31 Jul 2014

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     Debt Collectors VS Loan Sharks: Explained

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5. www.mentalhealthandmoneyadvice.org › en › managingWhat can I do if I have borrowed money from a loan shark?

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   Feb 13, 2024 · If you think or know that you or someone else has borrowed money from a loan shark, you can get help. In England, you can contact the ‘ Illegal Money Lending Team ’ (IMLT). They are part of National Trading Standards.

6. www.moneywellness.com › guide › debt-adviceLoan sharks – everything you need to know

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   In this guide, we cover what loan sharks are, how to spot one, what to do if you've accepted cash from one and safer alternatives if you need to borrow money.

7. www.moneymagpie.com › manage-your-money › how-toHow to Spot Loan Sharks (And Alternatives for Emergency ...

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   Aug 27, 2020 · If someone gets in contact with you offering a loan, they’re likely a loan shark or fraudster. Regulated lenders won’t reach out to you directly. Additionally, this guide on how to check if a finance company is legitimate will help. Loan sharks are also notorious for using intimidation, threats, and physical violence.

8. People also ask

   What if I have borrowed money from a loan shark?

   • If you think or know that you or someone else has borrowed money from a loan shark, you can get help. In England, you can contact the ‘Illegal Money Lending Team’ (IMLT). They are part of National Trading Standards. You can find their details below:

   What can I do if I have borrowed money from a loan shark?

   www.mentalhealthandmoneyadvice.org/en/managing-money/what-are-my-options-for-dealing-with-debt/what-can-i-do-if-i-have-borrowed-money-from-a-loan-shark/

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   What is a loan shark?

   • A loan shark is someone who lends money to desperate borrowers at exorbitantly high interest rates, well above the legal limits. Loan sharks don’t run credit checks, which can make them appealing to borrowers with bad credit. In some cases, loan sharks may threaten — or occasionally use — violence to make sure borrowers repay their debts.

   Loan Sharks: What Are They? How to Avoid Them | SoFi

   www.sofi.com/learn/content/loan-shark/

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   Is taking money from a loan shark a bad idea?

   • No matter how dire your financial situation is, taking money from a loan shark is generally considered a bad idea. Loan sharks typically operate outside of the law and often use threats of violence to ensure borrowers pay back their loans with very high interest. If you’re in need of money, consider your alternatives. Here are some to keep in mind:

   Loan Sharks: What Are They? How to Avoid Them | SoFi

   www.sofi.com/learn/content/loan-shark/

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   Are loan sharks a real thing?

   • Especially with a poor credit score, or low income. Without the right financial circumstances and stability, it’s hard to get credit from legitimate lenders. Leaving more and more people to fall into the laps of loan sharks, and spiral into debt. What Are Loan Sharks? What are Loan Sharks? Loan sharks are a type of illegal, unlicensed money lender.

   How to Spot Loan Sharks (And Alternatives for Emergency Finance)

   www.moneymagpie.com/manage-your-money/how-to-spot-loan-sharks-and-alternatives-for-emergency-finance

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9. healthwatchessex.org.uk › 2024 › 03What do you need to know about loan sharks? | Healthwatch Essex

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   Mar 22, 2024 · A loan shark is someone who lends money illegally without the correct permissions from the Financial Conduct Authority (FCA). Lending money without a licence is illegal. However, it’s important to know that if you borrow from an illegal money lender, you have not broken the law, they have.