All loan sharks are illegal. They cannot take you to court to recover the money you owe them, and as a result often resort to threats and violence.
Unfortunately some people take out loans and end up unable to pay. Loan sharks don't take your personal circumstances into account or have any sympathy, they just want to get paid.
Loan sharks also charge huge amounts of interest. This means that you will pay back MUCH more than you originally borrowed, which could leave you financially worse off, and unable to keep up with priority and existing bills.
Report loan sharks
You can also call the Illegal Money Lending Team for confidential advice on 0300 555 2222 or email email@example.com to report a loan shark or to see if your lender is a registered lender.
Help with your debts
Brent Council can help you manage your debt so please contact the Financial Inclusion Team who can help you maximise your income. We can also arrange an appointment for you with the Citizens Advice Bureau who can help you manage your debt.
You can find out further information about stopping loan sharks from the Gov.UK website.