Salfordians warned against turning to loan sharks to fund back-to-school costs

Thursday 18 January 2024

Salford Credit Union Chief Executive, Sheila Murtagh, is warning the people of Salford to stay clear of illegal loan sharks to cover the costs of children returning to school next month.

Sheila said: “Loan sharks can pose as helpful and friendly people in times of need- but this behaviour quickly changes if repayments are not met.

“Some of the tell-tale signs of loansharking include cash loans without paperwork, use of benefit or bank cards as security and threatening behaviour or violence to get money. There is another way: speak to us about fair and affordable loans that will work for you and your circumstances.”

Throughout lockdown, the Credit Union also decided to waive its £3 membership fee to remove the barrier for people short of money during the coronavirus crisis. Sheila added: “We’re being as flexible as possible to support those who save and borrow with us. If you’re concerned about a loan you currently have with us, please do speak to us: we are working with members who are struggling to meet repayments to explore options for loan payment holidays.

“Through the challenges, the spirit of Salford remains strong: we want to thank those across the city who have come together to do their bit to make a difference to people’s lives during this time.”