Borrowing, without the bite!

All this week we’ve been lending our support to the Loan Shark Awareness Week campaign to help residents avoid getting bitten by illegal money lenders, particularly online.

In our final article, Peter Preston from the City of Plymouth Credit Union explains how the organisation can help you borrow sensibly this Christmas.

"It’s the festive season, the time of year when money melts away as fast as chocolate coins. When money is stretched to the limit or beyond, it might seem like a good idea to accept a loan from someone.

Borrowing like this can become complicated or even dangerous if that person turns out to be a loan shark.

Loan sharks are money lenders who aren’t registered with the Financial Conduct Authority (FCA), but treat their lending like a business. This is illegal. Often, loan sharks charge extremely high interest rates and use violence to force you to repay, and often for a very long time.

If you are involved with someone you think is a loan shark, check the money lenders register at www.fca.org.uk, and report them anonymously to the Illegal Money Lending Team on 0300 555 2222.

If these illegal lenders are ‘loan sharks’, then think of the City of Plymouth Credit Union as ‘loan dolphins’: you get what you need, but without the bite!

Our members can borrow with confidence: we are a community-focused and ethical financial organisation with your best interests in mind. We offer legal, safe and reasonable loans to help you feel financially secure and to get you back on track for 2021.

A popular option for families is the Family Budgeting Loan, which takes repayments directly from your monthly Child Benefit payments, and the amount we will lend depends on the number of children in your family.

Before you take out a loan, we give you peace of mind by making sure that you will be able to afford regular repayments. If any issues ever arise, our friendly staff can give you as much help as you need.

For more information, head to our website."

If you’re worried about money or paying your rent, please contact our Incomes team on 0800 028 0350. We’re here to help.