Just Credit Union Encourages Shropshire’s Communities to Find Local Credit Union

Monday 29 January 2024

Shropshire’s Just Credit Union (JCU) has urged the dangers of borrowing from illegal lenders this winter following the demise of high-cost lender, Morses Club and encouraged communities to turn to their local credit union in times of need.

The high-cost lender, which often served people struggling to access mainstream lending, has gone into administration. Development Officer at JCU, Steve Barras has warned that with a reduced supply of regulated small loans, illegal lenders are stepping in to fill the gap and often people didn’t realise they were borrowing from a loan shark, often initially thinking they were borrowing from a friend or a legitimate lender.

“While expensive when compared with loans from mainstream banks, Morses was at least a regulated lender and provided a legal route for many families unable to access mainstream credit,” says Steve. “Having access to credit in challenging financial times is part of someone’s financial resilience and knowing the likely options can be a big relief. Just Credit Union is owned by its members and run for their mutual benefit rather than corporate profit.

JCU has continued to go from strength to strength, achieving significant year-on-year growth and lending a total of over £11 million to its members.

In recent years, JCU was awarded The Fairbanking Foundation’s highest 5-star rating for its Community Loan and Member Loan products and were also recognised by Social Enterprise UK as a national finalist in the ‘Transformative Community Business’ category.

Steve added: “It provides anyone who lives or works in Shropshire or Telford and Wrekin with access to safe and fair financial products. People need to ensure they are dealing with a reputable regulated organisation.”

People can find out more about Just Credit Union via their website justcreditunion.org and there is help and support available for anyone borrowing from an illegal lender at stoploansharks.co.uk

Source – Shropshire Live