Stay protected from loan sharks - event this Friday in Broad Street

Our Trading Standards Team is urging residents to be aware of the risks of using a loan shark.

Working in partnership with the national ‘Stop Loan Sharks’ campaign, Trading Standards will be in Broad Street in Reading town centre on 28 January to raise awareness of the risks of using a loan shark.

Officers will be on hand to provide information for people that have been affected by illegal lenders and provide advice on how to identify one and where the public can get help, if they or a family member/friend have borrowed from one.

Not sure what a Loan Shark is?

If you can answer yes to one or more of these questions you might be borrowing from a loan shark:

• Did they offer you a cash loan?
• Did they not give you paperwork?
• Did they add huge amounts of interest or APR to your loan?
• Have they threatened you?
• Are you scared of people finding out?
• Have they taken your bank card, benefit card, passport, watch or other valuables from you?

How to report Loan Sharks

Anyone with concerns about illegal money lending can contact the Stop Loan Sharks 24/7 Helpline in confidence on 0300 555 2222.

Live Chat is also available on the Stop Loan Sharks website from 9 am to 5 pm, Monday to Friday (excluding bank holidays).

What happens after you report?

The national loan sharks team will offer support every step of the way. Investigators work alongside our Liaison Officers and can provide one to one support if needed with housing or debt issues, referrals for health problems or even advice on borrowing money safely.

After you report, investigators use the information and start to build a case against the illegal lender.