CONSUMER CREDIT ACT | Logbook Loans Glossary | Autopawn
The Consumer Credit Act 1974 requires most businesses which offer goods or services on credit, or which lend money to consumers, to be licensed by the Office of Fair Trading (OFT).
Trading without a licensing arrangement is a criminal offence and can result in a fine and/or imprisonment. Not all lenders are regulated, however, and these people are sometimes referred to as loan sharks.



