Police warn of illegal loan sharks operating in Milton Keynes

The operation was organised in conjunction with the Illegal Money Lending Team.

Leaflets were handed out to residents and members of the public, and advice was given where necessary.

Loan sharks are illegal moneylenders who prey on people with low incomes, often charging very high interest rates.

During lockdown, with many people suffering added financial problems, loan shark activity has increased.

The government runs an agency called Stop Loan Sharks, which has the power to investigate and prosecute any illegal money lenders.

There is also the England Illegal Money Lending Team (IMLT), a specialist unit that investigates and prosecutes illegal lenders and provide support for borrowers.

A spokesman said: "We recognise that this period may be one of increased financial pressure for some people. Our team is fully committed to ensuring that illegal money lenders (loan sharks) do not take advantage and profit from other people’s hardship.

The Stop Loan Sharks helpline service can be called on 0300 555 2222). Victims, friends, family members are encouraged to come forward if they suspect someone is suffering at the hands of loan sharks.

More details are here .