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Scotcash Illegal Money Lending Prevention Project Launch

Scotcash in collaboration with Trading Standards Scotland have launched a new project which aims to prevent customers from falling into the hands of illegal money lenders and loan sharks across Scotland.

The launch, on the 12th of July, saw representatives from support organisations across Scotland gathering to discuss the financial needs of the most vulnerable within our communities, and the good which will come from the heart of this project.

Scotcash currently work in partnership with a number of organisations to provide a wraparound service to customers such as Credit Unions, Banks, and Housing Associations. Moving forward with the Illegal Money Lending Prevention Project, Scotcash will continue to look for support from other parties in spreading the message and aims of the partnership to individuals who may be financially vulnerable.

The year long project has received funding from Trading Standards Scotland, and with a team of staff and Community Champions, will provide a ‘Money MOT’ service for customers who may be vulnerable to illegal money lenders.

The ‘Money MOT’ will focus in on alternative ways to financially empower customers, including affordable credit, money advice, income maximisation, access to bank and savings accounts, and energy advice.

The service will run from each of Scotcash’s locations across the central belt, along with the provision of online services including a free webchat service. This will allow customers to talk with dedicated members of staff in real time.

Sharon MacPherson, Scotcash CEO, said when discussing the project:

"Scotcash is privileged to receive funding and support from Trading Standards Scotland for this year long project which will help us to address the issue of illegal money lending amongst those who are the most financially vulnerable in Scotland."

Fiona Richardson, Chief Officer Trading Standards Scotland, commented:

"Illegal Money Lenders, or as they are more commonly known, Loan Sharks, prey on those that are financially excluded in our communities. Through this project which the Scottish Illegal Money Lending Unit is funding, we are looking to use technology to increase the reach of Scotcash and facilitate people’s ability to access advice and affordable credit."

And Lea, Scotcash Staff Member said:

"I’m looking forward to being a part of the Money MOT team here at Scotcash. It’s important that our customers are aware of the full range of financial services that we can offer them in their time of need, even if a loan isn’t the right product for them when they apply."