This Stop Loan Sharks Week, we’re taking the opportunity to raise awareness of illegal lenders and remind our communities that there’s always a safer, more supportive way forward.
The truth about loan sharks
Illegal money lenders, more commonly known as loan sharks, are unregulated lenders who deliberately target people in financial difficulty. They may offer what seems like a quick fix, but behind that offer is a much darker reality.
Loan sharks trap people in cycles of debt, with overwhelming interest, impossible repayments and aggressive collection tactics. In some cases, this can include threats, harassment, and even violence.
According to the Centre for Social Justice, around 1.08 million people in England are currently in debt to a loan shark. That’s roughly 2% of the population – many of whom feel isolated, scared, and unsure of where to turn. At GWCU, we want our members to know they’re not alone. Loan sharks are never the only option, and help is always available.
How GWCU offers a safer way forward
At Great Western Credit Union, we believe everyone should have access to fair, affordable credit, we aim to offer safer alternatives to high-cost borrowing, making sure our members can access support when things feel unmanageable.
Our members’ financial wellbeing is at the heart of everything we do. We understand how overwhelming debt can feel and that asking for help is not always easy, which is why we’re here to offer practical, affordable solutions that help people move forward with confidence and take those first steps to regain control of their finances.
One of the ways we do this is through our debt consolidation loan. Designed to support those with multiple existing debts, it helps reduce financial strain by combining repayments into one affordable monthly payment. Since launching, this loan has helped clear nearly 470 separate debts and saved our members more than £156,000 in interest, showing what’s possible when the right support is in place.
You don’t have to face it alone
We understand it’s not always easy to ask for help. That’s why our friendly Member Support team is here to listen, without judgement. Whether you’re worried about your current loan, thinking about consolidating debt, or simply unsure of your next steps – we’re here to support you. Get in touch with us here.
And if you or someone you know is affected by an illegal lender, please contact Stop Loan Sharks. Their confidential, non-judgemental support line is available 24/7 on 0300 555 2222 or visit their website to access their reporting form and Live Chat option, available 9am to 5pm, Monday to Friday.
