A
loan shark – or illegal money lender - is someone who lends money illegally
without proper authorisation from the Financial Conduct Authority (FCA).
That
means if you borrow from them, they don’t have to follow the rules – they can
decide how much you pay back and when.
These
criminals are not always easy to spot - they can be a friend, a fellow service
member, even a senior officer.
Whoever they are, they will usually appear as a friendly face, offering you a favour. They may tell you that what they are offering is nothing more than peer-to-peer lending and their offer may seem hard to resist.
