Clockwise Credit Union Recognised for its Fight Against Loan Sharks

Thursday 6 March 2025

Clockwise Credit Union has won national recognition for its efforts to protect borrowers loan sharks.

The credit union, which covers Leicester, Leicestershire, Rutland, Coventry, Warwickshire, Rugby and Nottinghamshire, is now an official accredited partner of the England Illegal Money Lending Team (IMLT).

The credit union has worked with the IMLT for several years to raise awareness of the dangers of illegal lenders and how credit unions offer a safe alternative.

The IMLT, also known as Stop Loan Sharks, is a national organisation that investigates and prosecutes loan sharks and supports borrowers. Clockwise promotes the team on its website, at events and in branches.

To get official partnership status, all staff have undergone specialist IMLT training to learn how to spot the signs of a loan shark and how to get help. They will also continue to raise awareness and support IMLT team members as they work to investigate reports of illegal lending activity in local communities.

“Our staff are now more aware of the horrors and stress that loan sharks put upon people following the training and how to recognise a person who may be borrowing from a Loan Shark, by asking pertinent questions,” said Clockwise CEO Teresa Manning.

“As an ethical lender, Clockwise knows the importance of offering fair and affordable credit to those most in need of it. We’re happy to support the Illegal Money Lending Team in their mission to investigate and prosecute illegal money lenders not only in our common bond area but across England. We’re enormously proud to receive the Partnership Recognition Award and will continue to work with the team.”

Dave Benbow, acting head of the IMLT, said: “We are delighted to welcome Clockwise Credit Union as an official partner. We are hugely grateful for the work they do to support us in disrupting illegal lending operations that cause so much misery.

“Partners like this are an invaluable help in getting these criminals removed from communities, protecting the most vulnerable and making everyone feel a little bit safer.”

Source – Coop News