Supporting Credit Unions
Credit unions are financial co-operatives that offer a safe and secure place for people to save and borrow.
The England Illegal Money Lending Team (IMLT) has been working with Credit Unions since 2013. We believe that it is crucial that all members of society have choice with their finances and that means not only access to regulated financial institutions but ethical alternatives as well.
Working alongside credit unions across England we have been able to raise awareness to the threats loan sharks present to our communities while offering an alternative in the form of credit unions.
Credit unions encourage members to save regularly, provide loans at low rates, and help members in need of financial advice and assistance.
The IMLT encourages people to join credit unions, in order to save regularly or enable them to obtain legal, affordable loans, when emergencies arise.
We also use proceeds of crime money as an incentive to encourage people to save, and to raise awareness of the dangers of borrowing from illegal money lenders.
The money has been confiscated from convicted loan sharks and is used as an incentive for people to use their local credit union as opposed to turn to illegal money lenders.
The scheme is targeted to those at risk of becoming involved with a loan shark and people living in areas where there have been previous prosecutions for illegal money lending.
Working with Stop Loan Sharks
We are keen to develop new credit union partnerships to encourage good saving habits and stamp out illegal money lending.
For more information on how to become a member of your local credit union, visit www.findyourcreditunion.co.uk to find location details of your nearest service point.
If your credit union would like to work with Stop Loan Sharks, we’d love to hear from you! Get in touch at firstname.lastname@example.org
We have released a new animation to raise awareness of loan sharks and promote the benefits of saving with the Credit Union.
To report a loan shark, contact the England Illegal Money Lending Team 24-hour hotline 0300 555 2222 or complete an online form here.
Contact LIAISE Officer Sean Lynch at Sean.Lynch@birmingham.gov.uk