What do you need to know about loan sharks?

A report published by the Centre for Social Justice estimated 1.08 million people in the England could be borrowing from an illegal money lender – more commonly known as a loan shark. This figure has more than trebled since 2010.

With price increases on everything from fuel to food making it increasingly tough for households to make ends meet, unlicensed lenders are stepping in, offering loans to the desperate at astronomical interest rates.

Loan sharks prey on the most vulnerable people in our society. They often use threats, violence and intimidation to enforce repayment and can keep their victims trapped in a cycle of debt for years.