Liverpool City Council is urging residents not to turn to loan sharks to cover the rising cost of living and pressures on household finances, and instead look at alternatives such as credit unions.
Figures from the England Illegal Money Lending Team – a specialist national Trading Standards unit with a remit to investigate and prosecute illegal money lenders – shows that nearly one in ten people turned to loan sharks to cover the costs of Christmas last year.
More than half of victims turned to illegal money lenders in order to pay for essentials such as utilities, food and fuel in the first half of 2022.
Credit Unions typically offer lower fees, higher savings rates and a more personalised approach to customer service for their members.
The credit unions that operate in Liverpool are:
Central Liverpool Credit Union
Web: https://centralcu.co.uk/
Email: enquiries@clcu.co.uk
Phone: 0151 708 5515
Enterprise Credit Union
Web: https://enterprisecreditunion.org/
Email: contact@enterprisecreditunion.org
Phone: 0151 482 0177
Lodge Lane and District Credit Union
Email: lodgelane.creditunion@phonecoop.coop
Phone: 0151 734 2561
Partners Credit Union
Web: https://www.partnerscreditunion.co.uk/
Email: enquiries@partnerscreditunion.co.uk
Phone: 0151 258 1014
Riverside Credit Union
Web: https://riversidecreditunion.co.uk/
Email: info@riversidecreditunion.co.uk
Phone: 0151 448 0565
Liverpool City Council has updated its Cost of Living pages at https://www.liverpool.gov.uk/col with the information. The pages also include details of other ways in which people can get financial support, such as through the Liverpool Citizen Support Scheme and Discretionary Housing Payments.
People needing help if they are victims of a loan shark can contact the England Illegal Money Lending team at https://www.stoploansharks.co.uk/
Deputy Mayor of Liverpool and Cabinet Member for Tackling Fairness and Poverty, Cllr Jane Corbett, said:
“We know this is a really difficult time of year for many people as they feel the pressure of the Cost of Living crisis.
“There is a long and proud history of credit unions in the city. They are a great way to save, bank and borrow, typically offering lower fees, higher savings rates and a more personalised approach to customer service for their members.
“In addition, credit unions may offer lower interest rates on loans, particularly compared to payday or doorstep lenders. They are also suitable for people who may not be eligible for services from a high street lender.
“Debt can quickly spiral out of control and if you’re borrowing money, it’s important to check that your lender is genuine.
“The post-Christmas period and January is going to be a very difficult for thousands of people across the city. Local credit unions understand the pressures they are under and are run by local people, and are there to help and support them. I’d like to thank all of the volunteers and staff for the work they do.”