Making a Difference
to people's lives

Stop loan sharks

At Wrekin, we want to make you aware of how to access affordable loans, should you need them for any reason. If you feel that you are unable to access mainstream credit such as loans from high-street banks, we want to introduce you to Wrekin’s Money Matters Team and Just Credit Union who can provide you with appropriate advice and affordable loans. Please do get in touch.

Most recently, loan sharks are adopting new methods of practise, such as setting up scam groups on Facebook or WhatsApp, targeting vulnerable people through Snapchat and even dating apps. People must be made aware of these new methods of targeting, as loan sharks look to entice more and more people.

Loan sharks often draw people in by offering of a variety of loans, no matter the state of your credit history, which encourages the customer to take note. Often, these loans come with huge interest rates which, in many cases, become impossible to repay and leads to threats of violence to personal property or even family members unless repaid in full with interest included, immediately.

Previously, Provident, a doorstop lender, would provide people with small loans. However, Provident have recently announced that they have had to stop lending money to people due to the organisation’s economic position, following a significant fine from the Financial Conduct Authority (FCA) for their unfair treatment of customers. This has left an opportunity for other predatory lenders, such as loan sharks to take advantage of people in times of financial hardship and fill the gap that Provident have left.

In light of this, the Illegal Money Lending Team known as “Stop Loan Sharks” are there to offer free advice and support, in addition to alternative money-lending solutions such as Just Credit Union and Wrekin’s Money Matters Team.

Just Credit Union is a non-for-profit community bank owned and managed by its members. As a community bank you can keep your money safe here and access low-cost affordable loans to support you whenever you need it. Just Credit Union have significantly smaller interest rates than loan sharks, so when it comes to paying a loan back, it will be much more affordable. There are also other additional perks of being part of Just Credit Union, as you may be eligible for FREE life insurance too.

Our own Money Matters Team are also on hand should you need any support on financial issues, through offering FREE debt advice to those who need it along with a whole host of other services, please get in touch so that we can support you.

To find out more about the dangers of loan sharks, how to report illegal money lending, for free advice and support with your claim, please click here.

For more information about Just Credit Union and safe money-lending options please click here.

And finally, for anyone struggling with debt or money worries can contact Wrekin’s Money Matters Team, please click here.

10th June 2021