The Conservatives have announced plans to crack down on loan sharks to help and protect the most vulnerable, as we build a fairer economy and a more caring society.
Some lenders are taking hard-earned cash from the pockets of the most vulnerable. These criminals use callous methods to enforce repayment and victims are often subjected to threats, intimidation and violence. We need to show people that there is a safe and legal alternative.
Actions we are taking to build on previous work include:
- Over £5.5 million to put an end to unlawful lending from loan sharks by helping to investigate and prosecute illegal lenders.
- £100,000 of money already seized from loan sharks will be spent to encourage people in England at risk of being targeted by loan sharks to join a credit union, helping them to access a safer form of finance.
You can find out more information on how to report loan sharks anonymously here: https://www.gov.uk/report-loan-shark