The festive season should be all about joy, family time, and celebrating — but it can also put a real strain on your wallet. With gifts to buy, gatherings to plan, and the usual holiday extras, it’s easy for costs to build up faster than expected.
That’s when loan sharks tend to appear. They often come across as friendly or helpful, but the reality is far from it. Behind the smile is an illegal lender looking to take advantage of people who are feeling the pressure.
What is a loan shark?
A loan shark is someone who lends money illegally. They might seem trustworthy — a neighbour, someone at the school gate, a colleague, or even a family friend. Many people don’t realise they’ve been targeted until things get out of hand.
Because they’re not regulated, they can charge sky-high interest, pile on extra fees, and even use threats or intimidation if you can’t keep up with the repayments.
Warning signs to look out for:
If you’re thinking about borrowing, keep an eye out for these red flags:
- No paperwork or written agreement
- Repayments that shoot way beyond what you borrowed
- Threats or pressure when you struggle to pay
- Requests for personal belongings — like your passport, bank card, or valuables — as “security”
If any of this sounds familiar, you might be dealing with a loan shark.
Safer ways to borrow:
If you need financial support, consider a credit union, such as HertSavers, or CDFI instead. They offer affordable, ethical loans — even if you’ve been refused credit elsewhere.
How to get help
If you think you’ve been targeted, you’re not alone. The England Illegal Money Lending Team (Stop Loan Sharks) can step in, investigate, and support you. Remember: you haven’t done anything wrong — the lender has.
You can reach Stop Loan Sharks confidentially:
24/7 Hotline: 0300 555 2222
WhatsApp: 07700 102773
Live Chat: stoploansharks.co.uk (Mon–Fri, 9am–5pm)
Email: reportaloanshark@stoploansharks.gov.uk
HertSavers — your local safe alternative
If you need help, advice, or access to safe, affordable borrowing, you can also speak directly with HertSavers Credit Union:
Call: 0208 756 3868
Email: office@hertsavers.co.uk
Stay safe, stay informed — and don’t let a loan shark ruin your Christmas.
Disclaimer: Parts of this content were originally created by the Stop Loan Sharks Team (England Illegal Money Lending Team) and have been adapted for HertSavers.
