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What is a loan shark?
Loan sharks are unlicensed moneylenders who offer to “help out” people in need of a loan. In reality they charge extortionate interest, fees and often gain control over their victims to bleed them dry.
who could be a loan shark?
A loan shark could be anybody. It could even be someone you know such as:
- A friend
- A partner
- People you never would have expected
Identifying The Characteristics And Behaviours Of A Loan Shark:
A loan shark might:
- offer little or no paperwork, such as a credit agreement or record of payments
- refuse to give information, such as the interest rate or how much you owe
- take items as security, such as passports, bank cards or driving licences
- increase the debt or add additional charges at any time
- refuse to allow you to settle your debt
- get nasty – they might resort to intimidation, threats or violence.
Borrowing From A Loan Shark:
If you can answer yes to one or more of these questions you might be borrowing from a loan shark:
- Did they offer you a cash loan?
- Did they not give you paperwork?
- Did they add huge amounts of interest or APR to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, benefit card, passport, watch or other valuables from you?
why was ‘Shark’ created?
‘SHARK’ was commissioned by England’s Illegal Money Lending Team to help raise awareness and highlight the risks and dangers around illegal money lending and loan sharks.
Within this particular project we wanted to bring to the foreground and bust the many stereotypes that surround loan sharks, such as who they are and what they look like as well as the ‘types’ of people who borrow money from them. It doesn’t matter who you are, where you’re from or what problems you may be experiencing personally, emotionally, mentally, physically, socially or financially. Loan sharks are greedy and they are always looking to take advantage and exploit people.