International Credit Union Day - Thursday 15th October
This year's theme is "Inspiring hope for a global community." We are delighted to have partnered with over 110 Credit Unions in England to promote responsible saving and lending. Credit unions encourage members to save regularly, provide loans at low rates, and help members in need of financial advice and assistance. It’s important that we help people to save and build up their financial resilience, protecting them against future unexpected events and falling into the trap of unscrupulous loan sharks. We regularly deliver incentive schemes with credit unions to raise awareness of the dangers of borrowing from illegal money lenders and encourage the development of a regular savings habit.
Members must open a credit union account and save for three months to qualify for the £25 bonus, funded from the proceeds of crime taken from loan sharks.
Since 2016, more than 9000 new member accounts have been opened and £470,000 saved through our incentive scheme. Over £167,000 has been awarded to members for their determination to save and many have utilised other financial products and services through credit unions.
The scheme is a clear demonstration that extortion and crime doesn’t benefit the criminals. Communities win in the campaign against loan sharks and credit unions gain new savers who are then able to access affordable loans.
This year protecting people against loan sharks is more important than ever. The coronavirus crisis means more people are facing issues - from employment and debt, to housing and health - resulting in more people being in vulnerable situations.
Continued economic uncertainty during the coronavirus pandemic, with many people facing redundancy, means loan sharks may look to take advantage of people in a vulnerable position who feel they have nowhere to turn for help.
These unscrupulous individuals target the vulnerable and make money persecuting those who can least afford it. As a society we need to protect those at risk and ensure illegal money lending is a thing of the past. Credit Unions are a huge part of the solution by offering affordable, responsible loans, they give people who need a little extra help from time to time, a safe and reliable option.
To report a loan shark
Call the 24-hour confidential helpline on 0300 555 2222
Email reportaloanshark@stoploansharks.gov.uk
Complete a report form online at www.stoploansharks.co.uk.
Talk to their trained staff and get information and support via Live Chat on our website 9am-5pm, Mon-Fri.
