Beware Loan Sharks

Oxfordshire County Council (OCC) is warning residents not to turn to loan sharks, who will be seeking to prey on people who are struggling financially in the lead up to, during and after the Christmas period.

Illegal lenders or loan sharks, as they are more commonly known, are people who lend money without authorisation from the Financial Conduct Authority.

Borrowers generally will not receive any paperwork and the lender will add high interest on top of the amount borrowed.  If payments are not made, coercive controlling methods may be used and in some cases violence, keeping people in an endless spiral of debt that is very hard to get out of.

Find out more about loan sharks, and support available to those who need it by visiting the Illegal Money Lending Team (IMLT)’s website.

Residents can report loan sharks by calling 0300 555 2222.

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