House of Commons
LOAN SMART
EDM #2395
Tabled 15 May 2019
2017-19 Session
That this House recognises that over 300,000 people borrow money from illegal money lenders or loan sharks, often without realising it is illegal and that the lenders are not authorised by the Financial Conduct Authority (FCA); notes that the FCA found that 45 per cent of borrowers from illegal lenders had been verbally abused or physically threatened; further notes that 36 per cent of consumer credit enquiry calls to the FCA's Consumer Credit Centre involve status and regulation, including checking on a firm's authorisation status; warmly welcomes Loan Smart, a new charity formed to help highlight the dangers of illegal money lending, including through a new free website where people can check easily whether a lender is fully authorised by the FCA and which signposts other useful websites including PayPlan, Citizen's Advice, Money Advice Service and Stop Loan Sharks; and commends Loan Smart's series of local initiatives run volunteers to help spread the message about the dangers of loan sharks.