The England Illegal Money Lending Team* has asked us to help promote a new campaign to stop criminal activity on the internet.
We are pleased to join in warning people of the danger of online loan sharks as Christmas approaches.
Worryingly, more people are falling prey to unscrupulous lenders online. Research shows one in five victims met their lender on social media in the first half of 2020.
Loan sharks are increasingly using social media platforms, such as Facebook, Instagram and Snapchat, to advertise illegal loans and target potential victims. These criminals lure people with attractive loan offers but quickly resort to intimidation, threats and violence to enforce repayment. They can go on to trap borrowers in a spiral of debt.
Get full information here about loan sharks and reporting criminal activity.
* The England IMLT works as Stop Loan Sharks in local communities, in education and with partner agencies including the police. Since 2004, the England IMLT have supported over 30,000 people and written off over £83 million worth of illegal debt. The Illegal Money Lending Teams in England, Scotland and Wales work alongside the Financial Conduct Authority (FCA) to investigate those operating within the consumer credit market without the appropriate authorisation.