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Credit unions helping to educate about the dangers of a Loan Shark

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21 Sep 17

Lewisham Plus Credit Union and Wiltshire Savings and Loans Credit Union are working with their local communities to emphasize the dangers of loan sharks whilst highlighting the benefits of a credit union loan.

The England Illegal Money Lending Team, Lewisham Plus Credit Union and Wiltshire Savings and Loans will see proceeds of crime money, confiscated from convicted loan sharks, used to sponsor new credit union accounts.

Tony Quigley, Head of Service for the National Illegal Money Lending Team, said: “Illegal money lenders can have a horrific impact on our communities, and should never be used under any circumstances.

“We’d always urge residents to look at borrowing from safe and legal alternatives, such as their local credit union.”

Ravi Ravindran, CEO of Lewisham Plus Credit Union, said: “We consider it our duty to provide people with affordable loans so that they do not fall victim to unscrupulous lenders, who charge exorbitant interest rates. When borrowing from unauthorised money lenders, borrowers will fall further into debt and their financial situation will be worse.”

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