Credit Unions Help Lead the Fight Against Loan Sharks Ahead of Stop Loan Sharks Week

08/05/2026

From 11th to 17th May, the England Illegal Money Lending Team (IMLT) is launching its annual Stop Loan Sharks Week campaign, raising awareness of the dangers of illegal lending and highlighting where people can turn for safe, affordable and ethical financial support.

For more than 20 years, the England Illegal Money Lending Team – also known as Stop Loan Sharks – has helped thousands of people escape illegal lenders while bringing hundreds of loan sharks to justice. The campaign continues to shine a spotlight on the devastating impact illegal money lending can have on individuals, families and communities.

At the heart of the campaign is the importance of accessible, responsible alternatives – and credit unions across the country continue to play a vital role in supporting people who may otherwise feel they have nowhere else to turn.

Credit unions provide affordable loans, encourage regular saving and offer financial guidance rooted in community support. Unlike illegal lenders, credit unions are ethical, regulated financial co-operatives that exist to help members rather than generate profit.

The IMLT has worked alongside credit unions since 2013, recognising the crucial role they play in helping people avoid the dangers of illegal lending. Through partnership working, awareness campaigns and payroll savings initiatives, credit unions are helping build financial resilience in communities across the country.

Across the country, credit unions continue to demonstrate the positive difference ethical finance can make. In Yorkshire, Bradford District Credit Union recently celebrated a £5 million lending milestone, showcasing growing demand for accessible and affordable community lending. Meanwhile in Bolton, investment into Hoot Credit Union highlighted increasing recognition of the sector’s role in supporting financial wellbeing and tackling financial exclusion.

The continued growth of the credit union movement is increasingly being recognised nationally. Commentary in The Guardian recently called for stronger backing for credit unions to help “keep the loan sharks at bay”, arguing that expanding affordable community lending is critical to tackling financial exclusion and protecting vulnerable consumers. The article also highlighted the FCA’s report, launched by FCA Chief Executive, Nikhil Rathi during a visit to Rochdale, which set out a series of recommendations designed to help credit unions grow and expand the range of services they can offer to members.

During Stop Loan Sharks Week, communities are encouraged to learn the warning signs of illegal lending and to seek support if they or someone they know may be affected. Loan sharks often prey on people facing financial pressure, offering quick cash before using intimidation, threats and excessive repayments to trap borrowers in debt.

Credit unions remain committed to offering a safe and supportive alternative – helping people access fair finance with dignity, understanding and community at their core.

Anyone concerned about illegal money lending can contact the England Illegal Money Lending Team confidentially on 0300 555 2222 or visit the Stop Loan Sharks website for advice and support.