We have been recognised as a partner by the Illegal Money Lending Team (Stop Loan Sharks)
Loan sharks are unauthorised lenders who loan money without any paperwork such as a credit agreement, and who may demand huge amounts of interest on a loan, which may be backed up by threats. Loan sharks are a real danger to people in financially vulnerable circumstances, which is why Quaker Social Action has become a partner of the Illegal Money Lending Team, to help raise awareness of the issue when we are working with people on low incomes. The Illegal Money Lending Team, which works as Stop Loan Sharks, runs a free confidential 24 hour helpline for anyone affected by this issue, as well as investigating and prosecuting illegal money lenders across the UK.
For its part, QSA ensures that its frontline staff attend loan shark awareness training and refreshers: staff members who have attended to date are from the Made of Money team, Down to Earth, Move on Up and the Money Guiders England Network.
As part of its role in facilitating the Money Guiders England Network - a free practitioner network for anyone who provides money guidance as part of their paid or voluntary role - QSA has hosted events for network members to learn about loan sharks: in these events the Illegal Money Lending Team explained to money guiders how to spot illegal lending, how to report it safely, and how to support victims of loan sharks.