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Loan Shark cash to encourage new Credit Union savers

Just to make it clear – this is an old post from May 2017 and the promotion ran out the end of August 2017

A new incentive has been launched by Bridgwater & District Credit Union to encourage residents to start saving and make them aware of the dangers of borrowing from illegal money lenders. The England Illegal Money Lending Team (IMLT) are working in partnership with the Credit Union to raise awareness of the dangers of borrowing from illegal money lenders, more commonly known as loan sharks. A joint initiative will see the team use proceeds of crime money, confiscated from convicted loan sharks, to sponsor new credit union accounts.

The first 50 Somerset and North Somerset residents to join Bridgwater & District Credit Union between now and August, and save for 3 consecutive months will be rewarded with a £25 savings boost straight into their account.

Just click here to join Bridgwater & District Credit Union, contact us on (01278) 447100 or email or visit us in person at one of our collection points.

People are urged never to use loan sharks who may refuse to tell the borrower how much they owe or how long they will be repaying for, or the APR rate. Often they do not give paperwork and loans will just keep growing even if the borrower is making regular payments. These criminals may appear friendly at first, but resort to violent, threatening and extreme methods when payments are not met.

Nationally, Illegal Money Lending Teams have secured more than 370 prosecutions for illegal money lending and related activity, leading to nearly 318 years’ worth of custodial sentences. They have written off £71.9 million worth of illegal debt and helped over 26,500 people.

To report a loan shark:


To be eligible for this incentive, and to receive the £25 bonus, you will need to;

  • Save a minimum of £10 per month, each month, for the first three months from opening your account (at least one payment each month)

  • Have an income of less than £26,000 per annum

  • Only one application per household (on a first come first served basis)

  • Agree that information regarding your membership (not your name) can be passed to the Illegal Money Lending Team, who are running and funding this incentive to raise awareness of the dangers of loan sharks.

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