We’re delighted to share that Right Way Credit Union has been awarded the Stop Loan Sharks Scotland Charter Mark by the Scottish Illegal Money Lending Unit (SIMLU).
The Charter Mark recognises organisations that take a clear stand against illegal money lending and actively support the work of SIMLU. For us, this award is about more than recognition, it’s about protecting our members and communities from the harm caused by loan sharks.
Standing Against Illegal Money Lending
Illegal lenders often target people at their most vulnerable, especially during times of financial strain. While they may appear to offer quick solutions, these lenders operate outside the law, charging extortionate rates and trapping people in cycles of debt and intimidation. On average, loans from illegal lenders cost around three times as much as a legal loan.
By signing the Charter, we’ve pledged to:
- Work in partnership with SIMLU
- Take a zero-tolerance stance on illegal lending in our communities
- Promote the Stop Loan Sharks campaign
- Increase the confidence of residents to safely report loan shark activity
- Support SIMLU’s work to extend their reach across Scotland
A Proud Moment for Our Team
Our Chairperson, Margaret Welsh, accepted the award on behalf of Right Way Credit Union, presented by John Pollock of SIMLU.
Margaret said: “We are honoured to receive the Stop Loan Sharks Charter Mark. At Right Way, our mission has always been to provide a safe and supportive alternative to high-cost and illegal lending. This recognition reinforces our commitment to protecting our members and ensuring that no one in our communities feels forced into the hands of loan sharks. We look forward to working closely with the Scottish Illegal Money Lending Unit to spread the message that help is available, and no one needs to face this problem alone.”
Working Together for Safer Communities
Councillor Maureen Chalmers, Chair of Trading Standards Scotland, also welcomed our commitment: “By signing up to the Charter Mark, Right Way Credit Union confirms their ongoing commitment to work with us on this problem. Together, we’ll make sure that people not only avoid using loan sharks, but also know where to turn for help if they’ve already been affected.”
To learn more about the work of the Scottish Illegal Money Lending Unit and how to report loan shark activity, visit www.stopillegallending.co.uk or call their free, confidential 24-hour helpline on 0800 074 0878.
