• Sat. Dec 2nd, 2023

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Council urges residents not to turn to loan sharks

Redcar_and_Cleveland_Borough_CouncilREDCAR & Cleveland Borough Council is urging people, particularly those affected by SSI’s closure, not to turn to loan sharks and payday lenders in the run up to Christmas and to contact credit unions instead.

Credit unions are a low cost alternative to high interest lenders and can offer affordable credit and loans to their members.

Special arrangements have been made with Moneywise Credit Union in Redcar and South Bank Credit Union to provide instant access loans to those affected by the closure of the SSI steelworks in Redcar, including those within the supply chain. There is no requirement to be a resident of Redcar and Cleveland in order to apply.

Residents not directly affected can also contact the credit unions for help and advice or seek financial assistance from the council’s Social Fund which can help with daily living expenses and resettlement loans.

As part of the SSI Task Force funding from the Government, a Safety Net Fund has been set up to help SSI workers deal with the immediate financial impact of the plant closure if they find themselves in crisis.

A portion of this funding has been agreed to go towards the credit unions in an aim to support former SSI and supply chain workers if they need a loan for Christmas.

Cllr Christopher Massey, Cabinet Member for Resources at Redcar & Cleveland Borough Council said:

“With Christmas fast approaching, we are concerned about families turning to payday lenders and loan sharks to pay for the many expenses that come with Christmas.

“Whilst we encourage residents to live within their means wherever possible, for those needing extra help this Christmas we advise the use of credit unions instead.”

To make an appointment with the credit union, or to seek initial advice, please call South Bank Savings and Credit Union on 01642 463700 or Moneywise Credit Union on 01642 941670.

For anyone looking for more information on Redcar & Cleveland Borough Council’s Social Fund, please call 01642 771276.

By admin