The England Illegal Money Lending Team (IMLT) executed a warrant at an address in the Bramhope area of Leeds, working in partnership with officers from West Yorkshire Police.
Officers seized a mobile phone, and the suspect was taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with West Yorkshire Trading Standards to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Illegal lenders can be well known in their communities, and they target the most vulnerable.
“We work with partners across England to ensure people are kept safe from these predatory criminals.
“We investigate reports and support those who have borrowed.
“If anyone needs help, not only in the Leeds area but anywhere in England, they can contact us for free, confidential advice and support.”
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk.
There is a Live Chat facility on the website and the team can also be contacted via WhatsApp on 07700 102773.
The Live Chat and WhatsApp services are monitored from 9am to 5pm, Monday to Friday.