STANDING in the doorway of her home, mum-of-four Sarah Smith thought of desperate excuses to turn away the man who stood on her step.
Once a family friend who had lent her and husband Anthony cash for Christmas, he had turned into a sex-crazed loan shark who offered her an “easy” way out of debt.
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“Put on some sexy underwear and we can come to an arrangement,” he told her.
Sarah, who point-blank refused, is among thousands of women across the country being targeted by twisted, heartless lenders pushing some victims to the brink of suicide.
Frightened borrowers have shared shocking stories of exploitation, violence and blackmail.
One shark even offered to send a gang of men to a woman’s home for sex “while the kids are at school”.
Our exclusive statistics reveal that almost one in ten female borrowers have been asked to clear debt through sex.
It is the first time such figures have been recorded by England’s Illegal Money Lending Team, a group of specialist investigators and officers.
Sarah and Anthony, 39, who live in the West Midlands, borrowed around £10,000 over 15 years but were unable to make payments when Covid hit and they suffered health issues.
Anthony, who was paying 70 per cent interest on the loan, said: “It was then the shark began putting pressure on me and started being intimidating, coming out with comments to my wife in front of our 14-year-old daughter.
“He asked my wife to wear sexy bras and pants and stuff like that.
“We heard from other people that he was trying to make out that if they gave him sexual favours, it would pay some money off.”
‘Prostitution seemed to be the only way out’
The Sun can today reveal the terror Britain’s loan sharks hold over skint families — many struggling with the cost-of-living crisis.
Almost half of those targeted are in work but have been hit hard by rising food and energy bills.
Care worker Paula, 28, of Leeds, told how a shark pestered her for sex before suggesting she become a prostitute to pay off her debt.
She was introduced to the lender through a friend at work and borrowed £100.
Paula faced what is known as “double bubble” interest, where the amount owing doubles each week.
It was tripled the week after if she failed to pay.
She soon owed £3,000.
She said: “The lender contacted my parents telling them I owe money.
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“He came to my workplace to intimidate me. I closed my Facebook account for fear of what he might post on there. I felt trapped.
“He pestered me for sex and I was told to become a prostitute to pay off what I owed.
“I could never do that, but at one point it did seem like it might be the only way out.
“It was more the pestering for sex that felt so overwhelming.”
Paula’s nightmare only came to an end when she was contacted by the Illegal Money Lending Team, which was already investigating the man.
Jane, a mum of three who borrowed from someone she knew at work, was left petrified when she changed her phone number and the lender threatened to kill her.
The loan shark contacted my family to get them to make me repay and said they would kill me. I went to a bridge and was going to jump off. Only the thought of my kids stopped me
Jane of South London
The 52-year-old, of South London, revealed: “They contacted family members to get them to make me repay and said they would kill me.
“I went to a bridge and was going to jump off because of the threats. Only the thought of my children stopped me from doing it.”
Delivery driver Sunny, 26, from Devon, found an illegal lender online after becoming so financially strapped he went without food to make sure his kids ate.
He said: “On paper my income looks great, but in reality we were constantly playing catch-up paying her off.”
All these victims, who told their stories to the IMLT, were too frightened to reveal their real identities to The Sun for fear of retribution.
An estimated one million borrowers owe money to loan sharks, according to a report published by the Centre for Social Justice.
This figure has more than tripled since 2010.
New statistics from the IMLT reveal that 31 per cent of borrowers have contemplated or attempted suicide, while three in ten have been threatened or assaulted by lenders.
IMLT expert Catherine Wohlers said: “Nine per cent of female borrowers we helped last year have been told they can clear their debt with sexual favours.
“Some of the suggestions are quite explicit and upfront, but others are less so, such as, ‘It would be nice if you could be wearing something nice when I come round’.
“One woman was told, ‘If I send some men around when the kids are at school that could sort your debt’.”
Catherine says almost half of those taking loans from sharks are low earners or families in financial crisis.
She added: “We’ve seen a change in the reasons why people use them.
“Many are now borrowing for food and fuel, when it would historically be for one-off expenses like a new car tyre, school uniforms or for Christmas. It’s a myth that everyone who borrows is on benefits. More than 40 per cent are working, some in low-paid jobs, or maybe their circumstances have changed due to a relationship breakdown, bereavement or business collapse.
‘It angers me I have been made to feel like a fool’
“The youngest borrower we helped last year was 19 and the oldest 91. The highest amount loaned was £99,000 and the person concerned paid back £450,000 over 25 years.
“Half of borrowers went without food, fuel or making priority payments in order to pay their loan.”
The figures also show eight per cent found loan sharks on social media, double the amount in 2022.
The revelations come after one of Britain’s most violent loan sharks was this month jailed for seven years for kidnap, GBH and illegal money lending.
Richard Dawson, 35, from Barnsley, bundled his victim into the boot of his car and drove him to a cashpoint to make payments.
Sheffield Crown Court heard how vicious, tattooed Dawson collected £52,000 from 88 “customers”.
He once broke the jaw of a man who could not pay up.
His barrister Sean Fritchley said Dawson’s actions sounded “like something from The Sopranos” but that his client was “ashamed”.
Judges have also jailed a number of pensioner loan sharks — including the country’s oldest at 83.
Two Filipino hospital workers preyed on immigrant colleagues, lending them £4.2million over a 16-year period.
Luz Guerra Villar, 67, and Leticia Manipol, 71, were given suspended jail sentences in 2021 after admitting illegal lending and money laundering.
They were last month ordered to pay back £1.2million by a court in South London.
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It is the largest amount confiscated in 14 years.
Gangster great-granny Tabitha Richardson lent neighbours and “friends” £120,000 over 20 years.
The 83-year-old from Newport, South Wales, was described as “threatening and menacing” while charging 40 per cent interest on six-month loans.
She was handed a two-year suspended sentence last August after admitting her illegal business.
Last month she was ordered to pay back £173,000.
Tony Quigley, head of the IMLT, said: “Illegal lenders often live a life of luxury while people who have borrowed from them struggle.
“It’s only right that these criminals are not only prosecuted but are at last made to pay back at least some of their ill-gotten gains.”
Sarah and husband Anthony are now picking up their lives.
He said: “It still angers me because I have been made to feel like a fool.
“To find out afterwards there were so many other people he was making money off makes me so angry.
Read more on the Scottish Sun
“It’s a vile thing to have hanging over your head. It’s like being stuck in a never-ending hellhole.”
- To report a loan shark, call 0300 555 2222 or go to stoploansharks.co.uk.
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