Learn more about Loan Sharks.
Money Worries on Campus? Learn the Signs of a Loan Shark.
With the rising cost of living, many students are feeling the pressure. Rent, course materials, transport, and visa costs can quickly add up. When cash gets tight, it might seem like a relief when someone offers to “help you out” with a quick loan.
But if that offer comes from the wrong person, it could lead to serious problems.
What is a loan shark?
A loan shark is someone who lends money without being authorised by the Financial Conduct Authority (FCA). In the UK, all legal lenders must be regulated by the FCA to make sure they follow strict rules designed to protect borrowers.
Loan sharks often appear friendly and informal at first. They may be someone you know socially or through your community. However, they typically:
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Charge extremely high interest rates
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Add hidden fees
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Refuse to provide written agreements
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Demand far more than you originally borrowed
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Use intimidation or threats if repayments are missed
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Take passports, bank cards, or ID as “security”
They rely on fear and silence, which is why many students don’t realise support is available.
You are not alone
If you think you’ve been approached by a loan shark — or are already dealing with one — free and confidential help is available from the England Illegal Money Lending Team.
They have supported students who borrowed money for rent, equipment, or visa costs and found themselves in difficult situations. You won’t get into trouble for reporting a loan shark — their priority is your safety.
📞 0300 555 2222
🌐 www.stoploansharks.co.uk
Support on campus
If you’re worried about money, you don’t need to turn to risky options. You can visit the Student Centre on the 2nd floor to speak with an adviser about accessing financial support. The team can help you explore hardship funds, budgeting advice, and other forms of assistance available to students.
Money worries are real — but borrowing from the wrong person can be dangerous. If you’re struggling, reach out early. Support is available, and asking for help could protect you from a much bigger problem.