Illegal money lenders or Loan Sharks as they're not-so-affectionately known as are money lenders who do not adhere to the Office of Fair Trading's code of practices. They are the types of money lenders you see in gangster movies where the character lends money from a dubious organisation and ends up regretting it when they can't meet repayments.
Unfortunately this is the reality for many people who are desperate. Loan sharks prey upon people who are unemployed or have been refused loans elsewhere, the problem is that when the borrower is that desperate they'll be more likely to take the money on offer without considering the consequences, which can be:
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+ Loans with bad terms such as not enough time to repay.
+ Loans with extortionate interest rates, sometimes they have charged 30% or 50% on loans
+ Getting harassed for late payments, this normally happens in the form of intimidation and threats of violence.
+ Sometimes getting coerced into borrowing more money to cover the initial debt.
There are many alternatives to succumbing to loan sharks, despite being refused for a loan there are many other debt solutions available. For instance if you need only a small amount of money for emergencies then you can try applying at a Credit Union where they only lend what you can repay and normally charge 1% interest so if you were to borrow £100 you'd only pay £1 on top of that.
Another solution for this kind of situation is payday loans, where you are basically asking for a advance on your wages. Again, these are normally for if you need money quick and are likely to be able to pay off the debt within a month or two. For more serious debt problems it is better to consult with an independent debt advisor to see how you can arrange a more manageable repayment method. Remember also that many of the reputable lenders will lend to you even if you have a poor credit rating or low income.
Debt consolidation loans are a good way of getting debts with multiple creditors under control; this is done normally by borrowing to pay off your existing multiple debts leaving you with a single debt to the consolidation loan provider with hopefully a more forgiving single interest rate.
So as there are plenty of alternatives to taking the quick cash from the loan sharks, should you be tempted by them just remember the consequences already mentioned. Unfortunately there are many who don't take time and so if you discover a loan shark you should contact Trading Standards, even if you find you have inadvertently taken a loan with a shark then still contact the Trading Standards Agency as you are not legally obliged to return the money (although it is strongly unadvisable to take the money and run!)
If you need to check a prospective lender or one you are currently borrowing from the consumer credit public register lists everyone with a OFT licence, even if they have recently applied or have changed company names. If the lender you are looking up is not on the list then do not borrow from them.
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