Stories

Thu, 07 May 2026

Thu, 07 May 2026 'How loan shark threats keep victims like me silent'

A meat cleaver and samurai sword are among items seized from suspects, shown exclusively to the BBC.
The England's Illegal Money Lending Team (IMLT) has been working to combat loan sharks who charge exorbitant interest rates and intimidate borrowers. The team, led by David Benbow, relies on public tip-offs to identify suspects but faces challenges as people are often too afraid to report loan sharks due to fear of violent repercussions. A 28-year-old woman from Yorkshire, identified as Sarah, was a victim of loan sharks who charged her £100 for borrowing just £50. She was threatened and intimidated by the lender when she struggled to make payments, and even attempted to end her life several times due to the pressure. The IMLT has seized various items during raids, including a samurai sword, a meat cleaver, and babies' passports, which can be used as leverage by loan sharks. The team has arrested 33 suspects in the past year but faces challenges in building successful cases due to the complexity of the investigations. Research suggests that 1.9 million people in Great Britain have used an illegal money lender in a 12-month period. The IMLT relies on borrowers coming forward with detailed information, but many are hesitant to share their experiences for fear of repercussions. The team has noticed a shift in loan sharks moving online since the Covid pandemic, making it harder to track down suspects and victims. A recent investigation by the BBC found that several loan sharks advertise their services on social media, posing as legitimate lenders and demanding personal documents from potential borrowers. One victim, identified as Paul, shared his harrowing experience of being targeted by a loan shark who demanded £5,000 in cash after his son borrowed money from him. He was left living in fear, installing CCTV cameras in his home and avoiding being alone in case the loan sharks showed up again. The IMLT urges people to report any suspicious activity or loan sharks to their Stop Loan Sharks service, and offers support for those affected by loan shark debt.