Come along to our Loan Shark Awareness Event on 4th March!

The Birkbeck Students' Union, in collaboration with the official England Illegal Money Lending Team, will be hosting a workshop on the dangers of loan sharks and will provide general money advice for students. 

Whether you're seeking money advice or wanting to know more about the dangers of loan sharks, come along to our event held on 4th March, 11am-12pm at Birkbeck Central Building, Room 210! 

What is a loan shark? 

A loan shark is someone who lends money without the proper licence from the Financial Conduct Authority (FCA). While they may appear helpful at first, they often add extremely high charges and use intimidation or threats to collect repayments. 

How to recognise a loan shark 

Even if they seem like a friend, there are warning signs that someone who offers to lend money is not operating legally. They include: 

• Having extra charges or high interest rates added to what you owe 

• Not being given any written agreement or loan paperwork 

• Being asked to repay far more than you borrowed 

• Being threatened or intimidated you if you struggle to pay 

• Having your passport, ID card or bank card taken as ‘security’ 

What should I do if I’ve been targeted by a loan shark? 

You are not alone. There is confidential, free help available. The England Illegal Money Lending Team (known as Stop Loan Sharks) is a national organisation dedicated to protecting people from illegal lenders. They can help you safely get out of a dangerous loan situation. 

Those helped in recent years have included students who have borrowed for various reasons including rent, equipment and Visa requirements. 

If you think someone you know has borrowed from a loan shark, you can still contact Stop Loan Sharks on their behalf for confidential advice. 

If you are having financial difficulties, it’s important to get help as soon as possible. Your university may be able to help with grants or advice.  

If you suspect that you or someone you know has borrowed from an illegal lender, get in touch with Stop Loan Sharks now.  

You can contact Stop Loan Sharks anytime: 

• Visit: www.stoploansharks.co.uk 

• Call the 24/7 confidential hotline: 0300 555 2222 

• Send a WhatsApp message to 07700 102773 (available Monday to Friday 9am to 8pm) 

• Email: reportaloanshark@stoploansharks.gov.uk 

• Live Chat: Available on the website Monday to Friday, 9am–5pm 

(Interpreters can be arranged if English is not your first language.)

Remember, if you have borrowed from a loan shark, you have done nothing wrong and you won’t be in trouble – they are breaking the law, not you. Loan sharks rely on fear and silence. If you’re in trouble - or think a friend might be - reach out to Stop Loan Sharks. You’ll be listened to, supported, and protected.