Loan sharks play games with people’s lives – but together, we can make it game over.
From 11th to 17th May, Wave Community Bank is supporting Stop Loan Sharks Week, working alongside the England Illegal Money Lending Team (IMLT) to raise awareness of the dangers of illegal lending and ensure people know where to turn for safe, ethical financial support.
It’s Not a Game – The Risks Are Real
Loan sharks don’t always look like villains. In fact, they often do the opposite.
They may appear as a friendly neighbour, someone at the school gates, or even a person recommended by family or friends. Like characters in an online game, they change tactics, adapt their approach, and present themselves as someone you can trust.
But behind that friendly face is an illegal lender playing a dangerous game.
A loan shark is someone who lends money without authorisation from the Financial Conduct Authority (FCA). This means they don’t follow the rules designed to protect borrowers. Instead, they set their own terms, charge excessive amounts, and create a situation where the odds are stacked against you from the very beginning.
When ‘Help’ Turns Harmful
At first, borrowing from a loan shark can feel like an easy solution – especially when money is tight. Quick cash with no paperwork might seem appealing.
But once you’ve pressed ‘start’, things can quickly spiral.
If repayments become difficult, what started as a favour can turn into intimidation, threats, or even violence. Unlike a game, there’s no pause button or easy exit – just ongoing pressure and fear.
Spot the Warning Signs
Knowing what to look for can help you stay one step ahead. You might be dealing with a loan shark if:
- You’re given no paperwork
- There’s no clear information about how much you owe or how long repayments will last
- You’re asked to pay back far more than you borrowed
- Personal belongings (like a bank card, passport or phone) are taken as security
- You feel threatened, pressured or intimidated
If something doesn’t feel right, it probably isn’t.
You’re Not Alone – And You’re Not to Blame
The England Illegal Money Lending Team has been supporting people for over 20 years, helping people escape illegal lenders and bringing hundreds of loan sharks to justice.
Most importantly, they do this without judgement.
If you or someone you know has borrowed from a loan shark, you are not in trouble. The people breaking the law are the lenders – not the borrowers.
Help Is Available
There is a way out, and support is always available.
You can contact Stop Loan Sharks in confidence, 24 hours a day:
- 📞 0300 555 2222
- 💬 WhatsApp (Mon–Fri, 9am–8pm): 07700 102773
- 🌐 Visit: www.stoploansharks.co.uk (includes live chat and more ways to get help)
Changing the Rules
Illegal lending relies on fear, confusion and silence. But when people access the right support, the rules change.
At Wave Community Bank, we’re proud to stand alongside organisations that promote safe, ethical and responsible lending. Everyone deserves access to fair financial services – without fear or exploitation.
This Stop Loan Sharks Week, let’s raise awareness, support one another, and help make it #GameOverForLoanSharks.
