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A ‘loan shark’ is anyone who is lending money without having a licence from the Office of Fair Trading (OFT).
These unlicensed money-lenders are working illegally – they are ‘loan sharks’.
Loan sharks all tend to work in similar ways:
People involved in illegal money-lending tend to be part of other criminal activities, too. This can include gun and knife crime, counterfeiting and drug-dealing.
If you have borrowed money from someone who doesn't have a licence, you haven't broken the law - they have.
You can report them in confidence, by:
For more information about loan sharks visit direct.gov.uk/stoploansharks
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