Norfolk First Credit Union gets national award for work to stop loan sharks

Norfolk First Credit Union has won national recognition for its work to support the fight against loan sharks.

The credit union, which offers savings and loan services to people who live and work in Norfolk, has been awarded official accreditation by the England Illegal Money Lending Team – Stop Loan Sharks.

The credit union has worked with Stop Loan Sharks for the past 10 years. It has a dedicated Stop Loan Sharks page on its website and has supported campaigns and shared publicity to raise awareness.

Stop Loan Sharks is a national organisation that investigates and prosecutes loan sharks and supports borrowers.

Dave Benbow, head of Stop Loan Sharks, said: “We’re delighted to welcome Norfolk First Credit Union as an official partner. Their support plays a vital role in helping us disrupt illegal lending, which causes immense harm to individuals and communities.

“Partnerships like this are invaluable in removing these criminals from our neighbourhoods, protecting the most vulnerable, and helping people feel safer where they live. Thanks to the whole team for their continued commitment to support our work in the area.”

Scott Porter, director of Norfolk First Credit Union, said: “Achieving partner status with Stop Loan Sharks is a great achievement for Norfolk First Credit Union. We have been working with Stop Loan Sharks for over 10 years, giving our members advice, information, resources and credible alternatives to being drawn into using loan sharks. Partner status gives our members more confidence that we are part of a wider network helping to stop the terrible effects that turning to a loan shark can have on people’s lives.”

Among the services offered by Norfolk First Credit Union is a ‘Coastal Loan’, which helps those who live by the coast and can be affected by seasonal work, self-employment and variable incomes to access fair and manageable borrowing.

The Coastal Loan is for those living or working within 10 miles of the coast in Norfolk and who are not already a member of Norfolk First Credit Union. Eligible people can borrow between £200 and £500 with flexible terms and the option to choose a repayment period of between six and 12 months. The loan comes with a fixed interest rate of 3% per month (42.57% APR), with no hidden fees. A small portion of each repayment goes into savings, so savings grow while the loan is repaid.

Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, often adding charges and high interest to loans. They can resort to threats, intimidation and even violence if repayments are not made.

Because these lenders are not registered with the Financial Conduct Authority, borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay. This can cause huge amounts of stress and impact other finances – leaving them unable to pay rent or other priority bills.

Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or send a WhatsApp message to 07700 102773.

For more information and other ways to get in touch, visit stoploansharks.co.uk

To find out more about Norfolk First Credit Union, visit norfolkfirstcu.com