No blame, no shame – your lender is wrong, not you

Community / News / Support


Loan sharks are expert manipulators.  It is how they persuade people to borrow from them in the first place.  And later it’s how they keep people trapped in a cycle of debt.

They will pretend to be a borrower’s friend.  They appear to be offering a favour and turn up with a promise of cash just at the point when they need it most.

But instead of finding the expected relief from their financial struggles, borrowers find themselves plunged further and further into debt.  They feel trapped with no way out.

In 2023 Stop Loan Sharks supported almost 800 people who had borrowed from loan sharks.  They helped them escape the clutches of their lender.

Of those, 17 per cent had borrowed more than 10 times.  Fourteen per cent did not remember exactly how many times they’d borrowed.

This shows how people can end up in a cycle of borrowing again and again to repay what they owe. The amount they owe keeps rising, and they never manage to repay the total.

Stop Loan Sharks statistics also show that it can sometimes take  borrowers more than two years to finally report a loan shark.

So why does it take so long for people to seek help?

The loan shark’s manipulative tactics don’t end when someone takes a loan.

In order to maintain control of the borrower, the lender can use a variety of tactics.  Sometimes it is violence or threats of violence.  But often it is intimidation and the fear that the borrower will be exposed and shamed.

Borrowers are made to feel as though they have done something wrong.  They become fearful of their family or friends finding out.

But they should feel no blame or shame as they have done nothing wrong.

They have been targeted and exploited by a criminal – the loan shark.  It is the loan sharks who should carry all the blame and shame, not the borrower.

Stop Loan Sharks

Of the victims support by Stop Loan Sharks last year 81 per cent were in a state of extreme stress, worry or depression because of their involvement with the loan shark.

Stop Loan Sharks has a team of specialist officers who recognise this.  They have the the tools and experience to help people in this position escape the clutches of the illegal lender.  They can help the borrower start the journey back to financial safety. They are there to help and will not judge.

This year is the 20th anniversary of Stop Loan Sharks. Over the past two decades, it has:

  • Supported over 31,500 people
  • Written off over £91.2 million worth of illegal debt
  • Secured over 416 prosecutions for illegal money lending, leading to 598 years in jail

Signs your lender may be a loan shark

A loan shark, or illegal money lender, is someone who lends money without authorisation from the Financial Conduct Authority. They are not bound by rules that exist to protect borrowers.

The signs of an illegal lender include:

  • Being given no paperwork or details about the loan
  • Being told to make repayments that add up to much more than you at first borrowed
  • Being intimidated or threatened you if you struggle to pay
  • Being told to hand over items like bank cards or a passport until you can pay

Where to get help and support

If someone does need to borrow, there are options available.  Credit unions, for example, offer a safe alternative to the mainstream banks and lenders. Visit to find one nearest to you.

If you think you have been targeted by a loan shark, contact Stop Loan Sharks. Call the 24/7 confidential hotline 0300 555 2222.  Or join the ‘live chat’ on available Monday to Friday 9am to 5pm.

For further information on the support available and how to get in touch, visit