What is Illegal Money Lending /Predatory Lending?
The law says that anyone who wants to lend money must be authorised & regulated by the Financial Conduct Authority (FCA). Lending money without the proper authorisation is a crime, but borrowing money from an illegal lender is not a crime.
Across Northern Ireland, illegal lenders target vulnerable people in desperate circumstances – that’s why we call them predatory lenders. They charge very high interest rates and keep people in a cycle of debt. It is not unusual for borrowers to pay back their loan many times over, often for years. Those who can’t make payments are often forced into committing crimes, or are sexually exploited.
Illegal Money Lending Team
The PSNI has a dedicated team of detectives who specialise in illegal money lending. Our job is to support victims and keep them safe, and to take action against illegal lenders.
Contact Us
Email: [email protected]
Telephone 101 and ask for the illegal money lending team or report online at https://www.psni.police.uk/report
What if you owe money to a loan shark?
If you are a victim of an illegal lender, please contact us. You are under no pressure to make an official statement. We will support you in whatever way is best for your personal circumstances.
Lenders rely on the shame and stigma of debt to continue exploiting people.
You are not alone - there are countless people in a similar situation to you. You have not done anything wrong.
You are not under a legal obligation to pay any money back, and there are many ways in which we and other organisations can support you to take control of your situation in the way that’s best for you.
Remember - you have not committed a crime – you are the victim of a crime and we are here to help.
Worried that someone you know has been targeted by a loan shark?
If you are worried that someone you know is being exploited, look out for the following signs:
- Anxious: They are withdrawn, anxious or depressed and decline social invitations with no reason.
- Afraid: They are afraid to leave home.
- Money Worries: They are constantly short of cash/have no heating or electric in their home.
- No bank card: They haven’t got access to their bank card or passport because they may have handed it over to a loan shark.
Threats: They are receiving threatening texts or call
Victims of illegal lenders are often afraid and ashamed. It is very difficult for them to come forward. If you have information which could help our investigations, please speak up on their behalf.
Contact us, or if you prefer, report anonymously to Crimestoppers on 0800 555 111 or online at www.crimestoppers.uk.org