Loan Shark Advice

The IOS Police would like to make you aware of the following information after a local event in relation to Loan Sharks kindly arranged by Linda Thomas.  

STOP THE LOAN SHARKS 

•The definition of an IML (more commonly known as a loan shark) is someone who lends money in the course of a trade or business without the correct permission to do so from the Financial Conduct Authority (FCA) and to lend money illegally in the UK is a criminal offence.

•It has nothing to do with a high APR or interest rate or default fees that are being charged

•It has nothing to do with the intimidation, harassment, threats or worse that the IML uses to enforce payment

•It is simply that they don’t have the correct permission and authority of the Financial Conduct Authority to lend money

•The search facility on the FCA website can be used by anyone to check and see if a lender is authorised and has that permission to lend money legally and if they haven’t, then report them to us so that we can investigate them further.  

Ways to contact for help and advice 

24/7/365 Helpline – 0300 555 2222 All calls are totally confidential and are not recorded

Website: www.stoploansharks.co.uk  – RECITE

Live Chat available Mon – Fri between 09:00 & 17:00 – callers remain anonymous

WhatsApp & Text: 07860 022116

Mobile Phone App: Stop Loan Sharks

For crime prevention advice please see the Devon and Cornwall Police website - Home Page - Devon and Cornwall Community Messaging