First Dorset Credit Union to get loan shark cash (From Dorset Echo)

First Dorset Credit Union to get loan shark cash

5:30pm Saturday 9th February 2013 in News

A DORSET organisation offering affordable loans and savings has been given a funding boost as part of a crackdown on loan sharks.

The First Dorset Credit Union is set to receive the money from the England Illegal Money-Lending Team (EIMLT).

Starting from tomorrow the funds mean the first 25 new Credit Union members will all receive £30 if they save regularly for 12 weeks.

The EIMLT was set up to tackle ‘loan sharks’, or money lenders who operate without a licence.

When loan sharks are convicted in court EIMLT can use Proceeds of Crime legislation to promote activities to stop other unscrupulous lenders from operating. One of the methods it has chosen to do it is to support Credit Unions and promote them as ethical organisations that can be trusted to offer a fair deal on savings and loans.

There will also be a leaflet drop and information initiative running alongside the scheme, with information going out in selected part of Dorset to warn people about loan sharks.

Visitors to pubs may come across slogans on their beer mats.

For more information about joining the First Dorset Credit Union visit fdcu.co.uk or call 01305 268444.

Alternatively, visit one of the 13 service points across the county.