Credit Unions Nationwide Unite to Support Stop Loan Sharks Week 2025

Friday 23 May 2025

Credit unions across the country are joining forces this week to support Stop Loan Sharks Week 2025, a national campaign highlighting the devastating impact of illegal money lenders and offering a safe, ethical alternative to those struggling financially.

Running from May 19, the campaign is spearheaded by the England Illegal Money Lending Team (IMLT) and this year carries the theme “We’re here whenever you’re ready”. It focuses on the no-pressure, compassionate approach taken when victims find the courage to seek help.

Credit unions have been instrumental in promoting the campaign through targeted social media outreach, sharing survivor stories, and providing vital information on their websites. Many have developed resources to raise awareness about the risks of borrowing from loan sharks and how credit unions can offer a supportive alternative.

Debbie Smith-Hands, Head of Member Engagement at ABCUL said: “Credit unions are a lifeline for many people in our communities. At a time when traditional banks may not always offer the support individuals need, credit unions step in with compassion and understanding.

“We are here not just to lend responsibly, but to help people build financial resilience and avoid falling into the trap of unscrupulous lenders. Stop Loan Sharks Week is a vital reminder that safe, ethical options exist – and credit unions are at the heart of that solution.”

Since 2013, the IMLT has worked closely with credit unions to raise awareness about the dangers posed by illegal lenders. Through their partnership, they aim to ensure that all individuals have access to safe, regulated financial services, including affordable credit and savings accounts.

The IMLT also uses funds recovered from convicted loan sharks – under the Proceeds of Crime Act (POCA) – to support credit union initiatives that promote financial wellbeing and prevent illegal lending. This money is often reinvested in community outreach and incentives for new savers.

One example of credit union action includes Just Credit Union, which supported the launch of a dedicated Stop Loan Sharks app. Designed to help residents avoid falling into debt with illegal lenders, the app provides direct access to confidential advice, tools to report suspicious activity, and resources to find trusted, legal lenders such as credit unions.

“Being in debt to an illegal lender is more than just a financial burden – it can be terrifying, isolating, and emotionally exhausting,” said Dave Benbow, head of the IMLT. “For many, it feels like being trapped in a nightmare with no way out.”

The campaign and its supporters hope to encourage anyone affected by illegal money lending to reach out, reminding them that help is available, and recovery is possible – whenever they’re ready.