A Burnley businessman has sat down with an illegal money lender, often referred to as a loan shark, on an episode of Good Morning Britain.

Dave Fishwick, whose real life fight to set up a community bank inspired Netflix film Bank of Dave, interviewed a loan shark on Tuesday’s episode (March 26) of the ITV news show.

Figures published last year by IPSOS suggest more than three million people have borrowed from an unlicensed or unauthorised money lender in the last three years.

According to Dave, this figure may increase as the cost of living crisis continues. 

An anonymous loan shark spoke to Dave and said he would often take valuable items, such as car log books, as collateral for the payments.

Speaking on Good Morning Britain he said: “The people I lend money can’t get money [via the normal route]. 

“I need to make sure they can pay the money back beforehand, whether that be taking the log book for the car. Some people can vouch for them [and trust I will be paid back]. 

“The first step is to contact them and explain their situation to them. If it is ignored and they haven’t paid then we will pay them a visit.

“We will speak to them politely and explain what will happen if the money isn’t paid.”

He also admitted to ‘hurting people’ in order to get repayments and said he has only ever written off loans when the person has died.

He said: “We’ve had to make ‘physical contact’ with people, let’s put it that way... but they’ve always paid us back. 

“I have only written a loan off on two occasions when people have died. I don’t chase family members for money. 

“I look at myself like an emergency service. Most people come to me when they’re desperate.”



(Credit: Twitter/@GMB)

Dave said he is “terribly worried” about people going to loan sharks, especially as the cost of living crisis continues. He said he “despised and hated” the loan shark for preying on the poor and vulnerable”.

He said: “They prey on the poor and vulnerable… they are going after the middle class too. 

“Even the loan shark told me that he wouldn’t go to a loan shark. 

“They have no interest in your better needs. He hurts people. He and told me ‘you don’t want me turning up at your door for a third time... it’s gonna hurt’.”

Dave is now encouraging those struggling financially to seek support from credible sources.

He said: “There is always another way and there is a lot of [financial support] out there. There is a huge need for financial education. People need to be taught about the danger of borrowing from a loan shark. 

“We need to remember how much help is out there from other regulated lending sources. If you need to borrow a little money because you are really struggling, you can go to credit unions or a community lender.”

According to Citizen’s Advice, if someone who has lent you money threatens you or is violent, contact the police straight away.

Do this even if it’s an informal loan from someone you know, such as a friend or family member.

If you borrowed money from someone who isn't Financial Conduct Authority (FCA) authorised, you haven’t broken the law, they have.

You can find out whether a money lender is authorised by checking the register on the FCA website at www.fca.org.uk.

Bank of Dave: The Sequel is currently being filmed in Burnley. It is based on the true (ish) story of Dave’s life. Two years after founding Britain’s very first community bank, Dave Fishwick (Rory Kinnear) takes on an even more dangerous and formidable opponent than the big banks – payday loan companies.

Catch up on Good Morning Britain on ITVX