Published Tuesday, 22 December 2020
A new FREE smartphone app has been launched to make it quicker and easier to report loan sharks and access help.
The Stop Loan Sharks app, launched by the England Illegal Money Lending Team includes a contact form and phone number to report loan sharks, as well as information to help victims of illegal money lenders to get support.
It also offers advice on the tell-tale signs that someone is a loan shark. These include offering cash loans without any paperwork, charging extortionate interest, taking bank cards and passports as security and threatening behaviour or violence to get money.
It also provides information to various frontline professionals who may meet loan shark victims in the course of their work, such as debt advisors, social workers and housing staff.
These professionals can read information on how to recognise the signs that a client may be involved with a loan shark and advice on how to respond.
Other features include a search tool to help users find credit unions and legitimate lenders, links to confidential debt advice services and push notifications about shark arrests and court cases.
Download the Stop Loan Sharks App for FREE from the App Store and Google Play