Borrowing money from illegal lenders, known as loan sharks, is becoming increasingly common, particularly as the cost of living crisis has stretched household budgets.
With Black Friday just round the corner, it's important to stay safe and be wary of any loans that might seem to good to be true.
Loan sharks can charge very high interest, and can lead to victims needing to borrow more and more money.
Vulnerable people are particularly at risk of being exploited by loan sharks, and may not be aware they are in contact with illegal lenders.
Find out more about loan sharks and how to spot them in the video below. You can also get more information on the Stop Loan Sharks website.
What should you do if you have borrowed money from an illegal lender?
- Double check if the lender is FCA authorised by checking the online register.
- Call the Illegal Money Lending Hotline on 0300 555 2222, or report online. You can also contact them using reportaloanshark@stoploansharks.gov.uk or by texting ‘loan shark’ to 60003.
Westcountry Savings and Loans
We work closely with Westcountry Savings and Loans, a credit union who offer a range of responsible and ethical loans, as well as offering saving products information, education and support, which you can access as a LiveWest customer. They review each application individually, with loans ranging from £100 to £15,000.
Staying safe on Black Friday
There can be a range of scams on Black Friday, so take care if you will be trying to find deals. If a website asks you for a direct bank transfer, this is usually a red flag. And if a deal seems too good to be true, it's worth double checking. Trust your gut, and if it doesn't seem right, it's best to stay on the right side of caution.
Buying electrical products? Make sure to buy from trusted sources and check appliances meet safety standards. Find out more about electrical safety.