A loan shark is anybody who is lending money without a licence from the Office of Fair Trading (OFT). These unlicensed money lenders are working illegally – they are 'loan sharks'.
How loan sharks work:
If you have borrowed money from someone who doesn’t have a licence, you haven’t broken the law – they have!
You can report them in confidence, by:
Other ways to borrow money
You don’t need to turn to a loan shark for money, there are alternatives to borrowing money. You can use your local Credit Union.