A new website has launched to help consumers avoid illegal money lenders and check their lender is FCA authorised.
The Loan Smart website is powered by a regular data feed from the FCA’s own database of authorised lenders. The website uses the FCA’s data to help consumers confirm who is fully authorised and who is not. If the lender is not regulated, the site will advise the visitor:
- What they can do next and how to report a suspected loan shark
- What to do if they’re in trouble
- Who to talk to if they need support
- Where to get additional advice relating to debt
The Loan Smart website aims to complement the valuable service provided by the FCA and uses the FCA’s data, but Loan Smart aims to present the data in a much more user-friendly way. The website also acts as a signpost to other useful websites, such as Citizen’s Advice, Money Advice Service and Stop Loan Sharks, offering practical help and advice for consumers.
Who to contact
- Loan Smart