Leeds organisations unite to tackle illegal loan sharks

July 10, 2026 Off By

Local agencies sign charter to combat unlawful money lending

Leeds City Council, alongside a range of advice agencies, third-sector organisations and statutory services, has taken steps to address the issue of illegal money lending in the city. On 8 July 2026, around 60 organisations gathered at the Civic Hall to sign a charter pledging their commitment to work together to combat loan sharks.

Understanding the risks of loan sharks

Loan sharks operate outside the regulation of the Financial Conduct Authority (FCA) and offer quick cash loans with little or no paperwork. However, these loans often come with very high interest rates and can lead to intimidation, threats or harassment if repayments are missed. Unlike legitimate lenders, loan sharks are not authorised or regulated, which can result in severe financial and emotional harm for borrowers.

Event highlights and support available

The event was hosted by the England Illegal Money Lending Team (IMLT), also known as Stop Loan Sharks.
Speakers from IMLT shared insights into recent investigations, prosecutions and support mechanisms available for those affected.
Representatives from StepChange, a national debt advice charity based in Leeds, discussed the support available for individuals struggling with debt and financial difficulties. StepChange works closely with IMLT to identify and assist people who may have borrowed from loan sharks.
Attendees viewed a video testimony from a West Yorkshire father detailing the impact loan sharks had on his family.
Leeds City Council’s financial inclusion team and housing officer Jason Phillips received special recognition from IMLT for their contributions.

Statements from officials

Councillor Asghar Khan, Leeds City Council’s executive member for housing and hubs, said the meeting was an important opportunity to share best practices and reinforce the commitment to tackling illegal money lending. He emphasised that loan sharks often target vulnerable individuals who may not fully understand the nature of their borrowing.

Dave Benbow, head of the England Illegal Money Lending Team, highlighted the importance of collaboration among frontline organisations. He noted that many people do not realise they have borrowed from loan sharks, believing instead they have borrowed from someone they know or trust. This can quickly escalate to threats and intimidation.

Warning signs of loan shark activity

Loans offered without paperwork or clear information.
Valuables, bank cards or documents taken as security.
Unexpected charges or very high interest rates.
Pressure or threats to repay the loan.
Initially friendly behaviour that becomes threatening or causes fear.

How to report a loan shark

The Stop Loan Sharks team investigates and prosecutes illegal money lenders and supports those affected. Anyone needing help can contact their confidential team via: