Loan sharks. What exactly is a loan shark
About loan sharks
Reporting problem to Trading Requirements
Trading criteria handle complex customer issues and possible unlawful tasks.
With trading Standards if you want to report a problem to Trading Standards, you should contact the Citizens Advice consumer service, who share information reported to them.
You are told by this information about illegal lending and what direction to go when you have lent from that loan shark.
A cash loan provider needs to be authorised by the Financial Conduct Authority (FCA) to provide cash lawfully. Cash lenders whom arenвЂ™t authorised because of the FCA are breaking what the law states. These are typically called loan sharks.
Loan sharks usually work at home, fee quite high interest rates plus don't offer you much cariscompany.com/ documents to verify the plans they will have made out of you. That loan shark frequently has plenty of customers and lends cash such as company, however their financing is unlawful.
Loan sharks frequently simply simply take other unlawful action to gather the amount of money they will have lent you, such as threatening violence or depriving them of your charge cards or valuables. In acute cases, they are proven to force non-payers into drug and prostitution working.
If youвЂ™re threatened by somebody who lends you cash
The police straight away if someone who has lent you money threatens you or is violent, contact.
Try this even you know, such as a friend or family member if itвЂ™s an informal loan from someone.