Arrest of suspected Telford loan shark welcomed by county credit union
Shropshire’s not-for-profit savings and loans co-operative today welcomed the recent arrest of a suspected Telford loan shark.
A 48-year-old man was arrested on suspicion of illegal money lending and money laundering in a joint operation between the England Illegal Money Lending Team, Telford & Wrekin trading standards and West Mercia Police.
They executed a warrant at a residential address in Woodside on Wednesday.
Steve Barras, business development officer at Just Credit Union, said: “We work very closely with the Illegal Money Lending Team to raise awareness of the danger of loan sharks and are delighted to see this arrest.
“Loan sharks prey upon the most financially vulnerably and are undoubtably taking advantage of people’s financial worries and concerns during the coronavirus pandemic. Their actions are totally exploitative and blight families.
"Once in the clutches of a loan shark it is very difficult to escape.”
The Illegal Money Lending Team provides advice and support to those who may have borrowed from an illegal lender as well as investigating and prosecuting the loan sharks.
Ethical
Their advice to residents in need of financial support is to turn to their local credit union rather than a loan shark, who will take advantage and charge exorbitant interest rates.
Mr Barras added: “Just Credit Union provide fair, ethical and affordable loans to anyone who lives or works in the county.
We would encourage anyone who is taking out a loan to ensure they are dealing with a reputable and regulated organisation like Just Credit Union.
“An unregulated loan may appear an attractive option, particularly during a time of financial hardship, but it will very rapidly spiral out of control.
"We would recommend anyone who has borrowed from an illegal money lender to contact the Stop Loan Sharks helpline which they can do confidentially.”
The Stop Loan Sharks helpline is available 24/7 on 0300 555 2222.
The website stoploansharks.co.uk also provides useful information about how to spot a loan shark, how to report one and how to find out if your lender is properly regulated.
Just Credit Union continues to offer affordable loans and secure savings accounts through the current pandemic, all of which can be done digitally with more information available on their website justcreditunion.org
