Beware of Loan sharks!
Loan sharks are illegal moneylenders who often charge very high interest rates. They often target low income, desperate or vulnerable people, and often resort to blackmail, bullying and violence to enforce repayment.
To avoid loan sharks, you can check if a company is authorised to lend money. You can also report loan sharks anonymously.
If you have any doubts, do seek advice from us or the Government’s Loan Shark Project.