Loan sharks are breaking the law when they lend money without a Consumer Credit Licence.They will tend to lend money with no paperwork and high interest rates so you can never pay back the money and will always be in their debt.
Remember you are not breaking the law by borrowing from loan sharks but they are breaking the law by lending money through this way.
These loans are not enforceable without a court order which is why loan sharks often threaten and use intimidation to get you to pay.
If you have been threatened or believe your lender is a loan shark ring the Confidential helpline 0300 555 2222 staffed by a Money Lending Team working with Salford Trading Standards. The helpline is staffed 24 hours a day, 7 days a week, 365 days a year