If you’ve been the victim of a loan shark or know a victim, then help is at hand. The new Wales Illegal Money Lending Unit has recently been set up to help people having problems with illegal money lenders throughout Wales. These lenders, more commonly known as loan sharks, typically lend money and charge extortionate rates of interest. They are not licensed as they should be, and regularly use threats of violence to intimidate those unable to pay the money back on time.

The Wales Illegal Money Lending Unit has been set up by Trading Standards in Wales with funding from the UK Government. The team of ten specialist officers will work with a range of other agencies to tackle loan sharks and stop this illegal trade. Officers will provide support and advice to victims, helping to find alternative forms of financial assistance and offering protection where necessary.

Victims of loan sharks, or anyone who knows someone affected by their activities, can call the newly launched 24 hour hotline number on 0300 123 3311.  All calls to the hotline are completely confidential.

Anyone with information on illegal money lenders in Wales is urged to contact the confidential hotline. This new Unit can then help protect the vulnerable by removing loan sharks from local communities.

Beat the loan sharks…bite back!

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