Dear Resident,

Did you know there are an estimated 1.08 million people in debt to illegal money lenders in England?

With the general cost of living issues faced by communities, use of facilities such as food banks has been increasing and 90 percent of all legal loans are refused, as such there is a concern around where people are obtaining additional much-needed funds from.

We’ve teamed up with England’s Illegal Money Lending Team – who are also known as Stop Loan Sharks England – to help people who are trapped by loan sharks in Peterborough.

An illegal money lender, or loan shark, is someone who lends money without authorisation from the Financial Conduct Authority (FCA), and not bound by rules that exist to protect borrowers.

They can affect more than just funds and can use manipulative and aggressive tactics to get their way at the expense of someone else.

Would you know how to spot a loan shark? Signs include:

You can find out more and how to get support via our dedicated Illegal Money Lending webpage.

Kind regards,