Illegal Money Lending (Loan Sharks)
The best advice for dealing with loan sharks is ‘don't'. They are unlicensed money lenders who charge very high interest rates and sometimes use threats and violence to frighten people who can't pay back their loans.
Loan sharks target the vulnerable. Even if you have difficulty getting credit elsewhere, borrowing from loan sharks should be avoided.
Anyone who is a victim of a loan shark, or knows a friend or family member who is affected by their activities can call the newly launched hotline number on 0300 123 3311 and speak to a specialist officer. Calls to the hotline will be completely confidential.
Further information can be found on the Trading Standards Wales website (external website)
