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Cash confiscated from loan sharks will be used to reward people who save through a credit union in Woking.
Boom! Credit Union, which is supported by Woking Borough Council, has launched the scheme to encourage people to start saving this festive period while also making them aware of the dangers of getting involved with loan sharks.
The first 50 people to join the credit union – and save a minimum of £5 per month for the first three months – will get a £25 savings boost directly into their account.
The cash will come from money confiscated from convicted loan sharks under the Proceeds of Crime Act, with the initiative being run jointly with the England Illegal Money Lending Team.
If you find yourself short this season and need to borrow money to tide you over don’t be tempted to borrow money from a loan shark.
Loan sharks are illegal money lenders and do not operate under official financial regulations. They can cause a lot of misery to people caught up with them.
These criminals often take benefit or bank cards as security, and resort to bullying and violence to get their money. Loan sharks charge interest rates running into thousands of percent, making it impossible to repay the loan.
“We want to make loan sharks history in our county, so we’re delighted to offer this incentive to show people there is a better, safer and more affordable way to manage their money.” said Catherine Illingworth from the credit union's Business Growth team.
If you have been the victim of a loan shark, you can contact the Illegal Money Lending Team in confidence on 0300 555 2222 or www.stoploansharks.co.uk
To find out more about saving with the credit union, visit boomcu.com or call 01483 917 958.
Terms and conditions apply. Offer available to new members boomcu.com/StopLoanSharks
Boom! is a credit union for people who live or work in West Sussex, Surrey or Kingston. It offers local people access to fair and affordable loans, savings accounts and prepaid cards.