For many people, rising living costs, unexpected bills, and financial pressures can create overwhelming stress. Older people and unpaid carers are often among those most vulnerable to money worries — and sadly, this can make them targets for illegal money lenders, commonly known as loan sharks.

At Age Connects Morgannwg, we are proud to support Stop Loan Sharks Week 2026, helping to raise awareness of the dangers of illegal lending and reminding people that support is available.

What is a loan shark?

A loan shark is someone who lends money without authorisation from the Financial Conduct Authority (FCA). Unlike legitimate lenders, loan sharks operate illegally and often use intimidation, threats, manipulation, or exploitation to trap people in debt.

They may seem friendly at first. They might be a neighbour, acquaintance, or someone known in the local community. Some offer quick cash with no paperwork or credit checks, making them appear helpful to people facing financial difficulty.

But illegal lenders can:

• Add huge amounts of interest
• Change repayment terms without warning
• Take bank cards or benefits as “security”
• Threaten or harass borrowers
• Pressure family members
• Keep people trapped in debt for months or years

Why are older people and unpaid carers at risk?

Older people and unpaid carers can face unique financial pressures, particularly during periods of rising living costs and economic uncertainty. Many unpaid carers reduce their working hours, turn down career opportunities, or leave employment altogether in order to care for a partner, parent, friend, or disabled relative. This can place significant strain on household finances and leave carers with little financial security or savings to fall back on.

Older people may also be living on fixed incomes, relying on pensions or benefits that do not always stretch far enough to cover increasing costs such as heating, food, transport, and essential home repairs. Unexpected expenses such as replacing a boiler can quickly create additional pressure. Social isolation can also make it easier for illegal lenders to manipulate or exploit vulnerable individuals, particularly if they believe they have nowhere else to turn.

Loan sharks often target people who:

• Feel isolated
• Are worried about asking for help
• Have limited access to affordable credit
• Need money quickly for essentials
• Are already struggling financially

Some older people may also feel embarrassed about debt or fear losing independence, making it less likely they will seek support.

Warning signs someone may be affected

It is not always easy to recognise when someone is borrowing from a loan shark.

Warning signs can include:

• Constant worry about money
• Secretive behaviour around finances
• Missing household essentials despite regular income
• Fear or anxiety when someone visits or calls
• Being asked for cash repayments frequently
• Unexplained withdrawals from bank accounts
• Isolation from friends or family

For unpaid carers, financial pressure can be especially hidden because their focus is often on the person they care for rather than themselves.

Support is available

Nobody should feel forced to turn to illegal lenders.

If you or someone you know is struggling financially, there are safe and confidential sources of support available. Speaking to a trusted organisation early can help prevent problems from escalating.

At Age Connects Morgannwg, our Information & Advice Team can help people access guidance on:

• Welfare benefits and entitlements
• Cost of living support
• Energy advice
• Financial wellbeing
• Future planning

You do not have to face financial worries alone.

Reporting a loan shark

Stop Loan Sharks Wales is operated by the Wales Illegal Money Lending Unit, established in 2008. They investigate and prosecute loan sharks throughout Wales – and also protect and support people who have borrowed money from loan sharks. The UK Government funds this vital work, with a team of specialist investigators and client liaison officers.

• Call Stop Loan Wales on 0300 123 3311
• Visit www.stoploansharkswales.co.uk

Even if you have borrowed money from a loan shark, you have done nothing wrong. Help is available without judgement.

Standing together during Stop Loan Sharks Week 2026

This Stop Loan Sharks Week, Age Connects Morgannwg is encouraging communities to look out for one another, talk openly about financial wellbeing, and help ensure older people and unpaid carers know where to turn for safe support.

By raising awareness, we can help protect vulnerable people from exploitation and ensure nobody feels trapped by illegal debt. If you are worried about yourself, a friend, family member, or someone you care for, please reach out. Support is available.