Supporting Credit Unions
Credit unions are financial co-operatives that offer a safe place for people to save and borrow.
The England Illegal Money Lending Team (IMLT) has been working with Credit Unions since 2013. Working alongside them means we have been able to raise awareness about the threats loan sharks present while offering an alternative means of borrowing.
Credit unions encourage members to save regularly and enable them to obtain legal, safe loans, when emergencies arise. We use Proceeds of Crime money to find incentive schemes to encourage people to save with credit unions.
We also have a range of free marketing materials to support credit unions with setting up payroll deduction schemes with employers. You can access the materials here or email us at partner@stoploansharks.gov.uk to find out more.
Community Development Finance Institutions (CDFIs)
We also work with a range of Community Development Finance Institutions (CDFIs). These are local social enterprises which lend safely to people, businesses and social enterprises.
Working with Stop Loan Sharks
We are keen to develop new partnerships with credit unions and CDFIs to encourage good saving habits and stamp out illegal money lending. If you would like to work with Stop Loan Sharks, we’d love to hear from you! Get in touch at partner@stoploansharks.gov.uk
Social Media Toolkit
We have produced a range of guides, resources and content that will help credit unions and CDFIs promote their products and services as a safe alternative to loan sharks. The toolkit has been created by a professional marketing company and funded solely by the IMLT. To access the toolkit please complete the form here.
Find out more
- For more information on how to become a member of your local credit union, visit findyourcreditunion.co.uk
- To find a CDFI, visit responsiblefinance.org.uk
- You can also visit NestEgg. This FCA-regulated platform connects people excluded from mainstream credit with ethical, community-based lenders.
To report a loan shark, contact the England Illegal Money Lending Team 24-hour hotline 0300 555 2222 or complete an online form here.
Find out more about our work
Contact us at partner@stoploansharks.gov.uk
‘Loan sharks’ confiscated cash used to help credit union savers
Contact us for more information
For more information on how the England IMLT can work with you to develop and deliver a range of resources, free of charge, please email catherine.wohlers@birmingham.gov.uk
The Stop Loan Sharks team will collaborate with any agency in England where our work will add value. For teams in Scotland or Wales, your national agency is available to help you bring illegal money lenders to justice.
Glenda the Lender has been having a whale of a time at the @BreezeLeeds events! You can catch us at the upcoming Breeze dates:
Tue, Aug 12: Bramley Park
Wed, Aug 13: East End Park
Tue, Aug 19: Manston Park
Wed, Aug 20: Seacroft Village Green
@boomchikkaboom
#StopLoanSharks
Glenda the Lender had a fantastic time at #daltontogether, teaming up with Bradford District Credit Union to help raise awareness about the dangers of illegal lending and how to borrow safely!
#communitysupport #financialeducation #stoploansharksengland