Loan sharks are reported to be preying on older people and those for whom English is not their first language.

In 2023, Age UK reported that approaching ¼ million people aged 55 and over had used loan sharks. That number is thought to be rising.

Rocketing interest rates and sky-high payments

Cllr Liz Dowd, Sefton Council’s Cabinet Member for Communities and Partnership Engagement said" “Unscrupulous loan sharks tempt people with what seems like an easy way out of their problems, but which can turn out to be a far worse nightmare with rocketing interest rates and sky-high payments.

“But, we would urge anyone who is struggling financially to visit www.sefton.gov.uk/cost-of-living  where there are links to a range of advice and support, including debt advice, or they can get in touch with the Council’s Contact Centre on 0345 140 0845.”

Vulnerable

Cllr Dowd continued: “Unscrupulous loan sharks also target those they think are vulnerable and this can include people who for whom English may not be their first language, particularly if they are new to the country.

“Illegal lenders may contact these people pretending they want to help on a friendly basis until they have their teeth in. That’s when the amount owed starts to escalate and the loan sharks’ demands can turn to threats and violence.

“The Recite Me facility on our website enables users to access the information available in approaching 50 different of languages, including all the main languages spoken in Sefton."

You can find the full list of languages here. 

Report it

Anyone who thinks they have been targeted by a loan shark can report it in confidence to an Illegal Money Lending Team by:

• calling 0300 555 2222;
• texting 07860022116 with your message;
• reporting it online at stoploansharks.co.uk;
• emailing reportaloanshark@stoploansharks.gov.uk.

Updates can be found from Stop Loan Sharks England on Twitter and on Facebook and there is also a Stop Loan Sharks page on the Sefton Directory, which is at www.seftondirectory.com.

Communities

Cllr Dowd added: “I would urge anyone who suspects that vulnerable members of their communities  are being targeted by loan sharks to provide them with this information or to report it to the Stop Loan Sharks team.”

You can find the guide to using Recite Me on this website here.