Learn more about loan sharks
What is a loan shark?
- Authorized checks are required to verify that a lender has been checked.
- What to do if your loan shark owes you money
- Additional information and assistance
This article will inform you about illegal lending as well as what to do if your loan shark lender has offered you money.
What is a loan shark?
To legally lend money, a money lender must be authorized by the Financial Conduct Authority (FCA). The FCA doesn’t authorize money lenders. These people are called loan sharks.
Many loan sharks work remotely, often charging high interest rates and not giving you any paperwork to confirm their arrangements. Although a home loan shark may have many customers and lend money like a business to others, their lending is illegal.
To collect their money, loan sharks may resort to other illegal actions such as violence threats or taking your valuables and credit cards. They may force people who aren’t paying to prostitution or drug dealing in extreme cases.
Also Read: https://www.whatloan.us/fafsa-works/
Borrowing money from family or friends Loan sharks
The FCA doesn’t have to approve all loans. For example, informal, one time loans between family members or friends are not illegal. You can check the FCA website to determine if a loan is required to be authorized.
Even though a loan may be informal, anyone lending you money cannot harass you or do anything illegal.
- Authorized checks are required to verify that a lender has been checked.
- You haven’t violated the law if you borrow money from someone not FCA-authorized.
- Check the FCA register to find out if a money lender has been authorized.
- What to do if your improvement loan shark owes you money
If you believe a money lender in England is not FCA-authorised, you can contact the Illegal Money Lending Hotline.
You can report any concerns you have about a money lender in Wales to the Wales Illegal Money Lending Unit. They offer a confidential, 24-hour helpline.
To report an illegal lender of money in Scotland, you can confide in the National Trading Standards Scotland team
Read More:Â https://www.whatloan.us/loan-sharks/
Northern Ireland’s Trading Standards Consumerline can be contacted.
They can offer advice on your specific situation. They will use the information to help stop illegal money lending.
Get advice from Citizens Advice Bureau if you are struggling with debt or are considering borrowing money from a singapore loan shark.
Additional information and assistance Loan sharks
See Types of borrowing for more information on how to borrow money, get credit and deal with loan sharks.
The following information may be of interest to you:
- Get the best credit deal
- Credit cards
- Credit
- Banks and building societies
- Budgeting assistance
- Assistance with debt in England and Wales
- Assistance with debt in Scotland
- The Money Advice Service
- Money Advice Service is an independent, free service.
Never Miss: https://www.loansure.us/private-loans/
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