A credit union has joined forces with the Wales Illegal Money Lending Unit (WIMLU) to warn against the dangers of borrowing from loan sharks.
Smart Money Cymru Credit Union, which has its headquarters in Caerphilly town, has said its partnership with the WIMLU has strengthened recently because of an increase in the number of illegal lenders operating in the county borough.
Credit unions are financial co-operatives that offer a safe and secure place for people to save and borrow.
They are owned by the people who use their services, and not by external shareholders or investors.
With WIMLU, Smart Money Cymru has produced an information leaflet highlighting the dangers of borrowing money from illegal sources. This is due to be delivered to every household in the county borough.
Andrina Davies, Smart Money Cymru’s General Manager, said: “Working with the Wales Illegal Money Lending Unit has helped Smart Money Cymru develop an attractive and informative leaflet which highlights the difference of borrowing from various sources and advertises the benefit of borrowing from a credit union.”
• To report a loan shark, contact the Wales Illegal Money Lending Unit 24-hour hotline 0300 123 3311 or email imlu@cardiff.gov.uk.