Greenwich & Bexley Credit Union has won a national award in recognition of its efforts to raise awareness of the dangers of using loan sharks.
The credit union has been recognised by the England Illegal Money Lending Team (IMLT) for introducing initiatives tackling loan sharks in the local area and making communities safer.
The IMLT investigates and prosecutes illegal money lenders while supporting those who have borrowed money from a loan shark.
The accreditation programme recognises and rewards partners that work alongside IMLT to raise awareness of loan sharks, and their impact on local communities, and to create safer spaces for people to live and work.
Greenwich & Bexley Credit Union has supported the Stop Loan Sharks campaign by distributing awareness leaflets to customers and sharing campaign content on social media. The credit union also works closely with Greenwich Council to promote financial safety and awareness.
Loan sharks are known to use social media platforms to advertise illegal loans and target potential borrowers. Greenwich & Bexley Credit Union helped to promote the IMLT’s #SharkFreeSurfing campaign to encourage borrowers and the wider community to report online illegal money lending activity.
Sutha Harahn, of Greenwich & Bexley Credit Union, said: “We are honoured to receive this recognition from the England Illegal Money Lending Team. At Greenwich & Bexley Credit Union, we believe in empowering our community with financial education and resources. By supporting the Stop Loan Sharks campaign, we aim to raise awareness and help protect our members from illegal lending practices.”
Dave Benbow, head of the IMLT, said: “We would like to congratulate Greenwich & Bexley Credit Union on their partner recognition award and thank them for their outstanding efforts tackling loan sharks within local communities.
“We are extremely grateful for the support of our partners across the country and rely on them to act as our eyes and ears in communities. By working together, we can stamp out illegal money lending and protect residents from this awful crime.
“We continue to encourage people to come forward if they have been targeted by illegal lenders, or know someone who has. You are not alone and we will support you.”
Many illegal money lenders are well known within their communities. They are unregulated and give loans with no paperwork, adding high charges and interest. They can resort to threats, intimidation and even violence if repayments are not made.
These lenders do not complete affordability checks on borrowers, often meaning they are lending to people who cannot pay them back. 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 causes huge amounts of stress and can impact their other finances, leaving them unable to pay rent or other priority bills.
Anyone who believes they might have been targeted by a loan shark can contact the Stop Loan Sharks 24-hour confidential helpline on 0300 555 2222, email reportaloanshark@stoploansharks.gov.uk or complete an online report form at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
