Just Credit Union supports app fighting which is fighting loan sharks

Tuesday 16 January 2024

Just Credit Union has announced its support for a new Stop Loan Sharks app as it warns residents to ignore approaches from illegal money lenders to deal with Christmas debts.

Just Credit Union says the new app, launched by the England Illegal Money Lending Team, includes a contact form and phone number to report loan sharks.

The app, which also has information to help victims of illegal money lenders get support, was funded from cash recovered from loan sharks under the Proceeds of Crime Act (POCA) and includes a search tool to help users find credit unions and legitimate lenders as well as links to confidential debt advice services.

Steve Barras, Just Credit Union’s Development Officer, said: “2020 has been a different Christmas for most people, but many will still be concerned about debts, particularly as credit and store card statements start to arrive this month.

“We would warn all residents to be particularly wary of illegal lenders or ‘loan sharks’ who can be particularly active at this time of year, targeting people on and offline.”

Just Credit Union warns that once in the hands of an illegal money lender it is very difficult to escape. Illegal money lenders will often use threats and intimidation to extract huge levels of interest.

Steve said: “This is why the launch of the new Stop Loan Sharks app is so significant. The app helps people spot loan sharks offering advice on the tell-tale signs that someone is a loan shark.

“These include offering cash loans without any paperwork, charging extortionate interest, taking bank cards and passports as security and threatening behaviour or even violence to get money. The app also links to confidential debt advice service.

“If people do need to borrow, they should look for a regulated reputable lender like Just Credit Union. We provide secure savings and ethical affordable loans to people who live or work in Shropshire and Telford & Wrekin.”