Game over! Residents urged to say no to loan sharks

This year’s Stop Loan Sharks week, which is organised annually by the Stop Loan Sharks team, takes place from May 11 to May 17, 2026. The theme is ‘Game Over for Loan Sharks’.

People can often be targeted by loan sharks as they take advantage of those looking for a way out of their financial troubles. Loan sharks charge very high rates of interest and don't provide much paperwork to confirm the lending arrangements.

The Stop Loan Sharks group offer the following tips to protect people against loan sharks:

• Save money regularly if you can, so you are not in urgent need of a loan
• Do not accept cash loans, even if the lender seems friendly or helpful · Search the FCA Financial Services register to check if the lender is legal
• If you need to borrow money, credit unions are a safer alternative than borrowing from a loan shark. Visit www.findyourcreditunion.co.uk to find your nearest credit union. If your money doesn’t stretch far enough, visit the Trafford Money Advice Referral Tool to find out where you can get support with budgeting, energy costs, debt advice and benefit checks and applications.

The theme of this year's Stop Loan Sharks Week is Game Over for Loan Sharks. To bring this message to life, the Stop Loan Sharks group has worked with Digital Arts Box to create an interactive computer game that shows – in an accessible way – the challenges people face when they are trapped in debt to an illegal money lender.

Loan sharks are operating illegally and are not authorised by the Financial Conduct Authority (FCA). Loan sharks often take other illegal action to collect the money they lend, such as threatening violence or taking away your credit cards or valuables.

Cllr Rose Thompson, Trafford Council’s Executive Member for Communities and Safety, said: 

“Loan sharks operate illegally to prey on vulnerable people at times of crisis offering sums of money that simply cannot be paid back. They must be avoided at all costs. If you feel you are struggling and in need of help, please approach your local credit union rather than the local loan shark.”

If you think you have borrowed from a loan shark, you can contact the Illegal Money Lending Team’s 24/7 confidential hotline on 0300 555 2222 or visit stoploansharks.co.uk anonymously where there is a live chat facility. Also, the Money Advice Service is a free, independent service.