There are some people that lend money to people illegally and they are called illegal money lenders or loan sharks.
Illegal money lenders charge a lot more money to lend money and often use violence and threats to get their money back. They do not provide any paperwork and people borrowing money will not know how much they owe or when the repayments will stop. Because it is illegal you do not have to repay an illegal money lender.
If you have borrowed money from an illegal money lender you can get help to stop the payments and sort out your money from the Illegal Money Lending Team working with Manchester City Council.
You can also report any suspected illegal money lenders and check to see if your money lender is registered or not by speaking to the Illegal Money Lending Team.
To contact the Illegal Money Lending Team;
Ring: 0300 555 222
Text: loan+shark+your message to 60003
For more information, please download our illegal money lending flyer.