Illegal money lenders and loan sharks
If you are a loan shark victim or if you know someone who may be a victim, contact the WIMLU 24 hour confidential Hotline: 0300 123 3311 or Stop Loan Sharks: 0300 555 2222.
Specialist Officers are on hand to support and assist victims and advise on debt and other problems.
It is important to know that borrowing from an unlicensed lender is not an offence. The offence will have been committed by the lender.
The Wales Illegal Money Lending Unit (WIMLU) (external website) will not take action against any individual who has borrowed money but will try to help to get you back on the right track.
Why should you not borrow from a loan shark?
Loan sharks often prey on the most vulnerable members of society. Victims are often unemployed, living in social housing and financially excluded due to poor credit ratings.
People who turn to loan sharks are likely to:
- Pay extortionate rates of interest
- Have no paperwork or proof of repayments
- Be ordered to make additional payments as the loan shark sees fit
- Suffer from threats or intimidation if they fall behind with payments
The number of people turning to loan sharks is on the increase. As more people struggle to cope financially, the lure of a quick loan with no forms to complete is hard to resist.
One loan shark victim explains:
“I’m a single mother of five children on Income Support.
“When I moved into a new home I needed to buy things for the house. I went to a man on the estate that I knew lent money to people and asked for a loan of £500.
“He told me I had to pay back £1,000 and pay him £100 per week. I asked him for a payment book and how much I still owe him but he won’t tell me.
“I have been paying him for four years and he says if I stop paying he’ll send someone round to get it. I’ve thought about moving but he says if I move he will find me.”
WIMLU was established to tackle loan sharks and to provide help for their victims.
Since its launch just over two years ago, officers from WIMLU have arrested 40 loan sharks, seized loan books valued at over £2million and identified more than 1200 victims.
You can get in touch on their hotline 0300 123 3311 – all calls are completely confidential.
You can also report a loan shark by texting ‘loan shark’ to 60003 or sending an email to imlu@cardiff.gov.uk.
More information
Opening the door to financial freedom
Helping you to help families - financial support guide
Stop Loan Sharks - poster for those who provide support
Wales Co-operative Centre
Llandaff Court
Fairwater Road
Cardiff
CF5 2XP
Company registration number 24287 R