Updates

Loan shark rampages through the Ocean City!

To match the recent tropical weather, Plymouth was recently plagued by a wild loan shark which terrified passers-by!

The shark made its way from Moments Cafe, around down to the market, and then back up to the fountain, before being coralled and brought down to the Frankfurt Gate branch of City of Plymouth Credit Union, where it could be safely contained.

However, this loan shark was more cuddly than most, and he posed for photos when approached – much different from the dangerous pests that he was here to warn the community about.

It goes to show that you can’t always judge a book by its cover – a 6ft shark could be your new best friend, and someone offering you a loan too good to be true could be your worst nightmare.

No matter what your financial issues might be, engaging with illegal moneylenders is sure to only compound your worries, and even payday lenders on the high street can leave you out at sea.

In fact, our loan shark was even encouraging newcomers to sign up to the credit union and avoid the real sharks with a special giveaway, so if you didn’t meet him, you missed out!

However, we hope to offer more special offers in the future, and our affordable, low cost loans are available to anyone. In fact, we’ve even prepared a table, so that you can see how much you could save on a £500 loan over 6 months at CPCU!

ProviderInterest Rate (APR)RepaymentsTotal Interest PaidTotal Cost of Loan
City of Plymouth Credit Union26.82%£89.26 per month£35.58£535.58
Provident535.3%£30 per week£280£780
Satsuma856%£158 per month£448£948
Sunny1291%£165.53 per month£493.20£993.23

Hopefully, our finned friend will return soon, but until then, remember, don’t let unaffordable debt trap you in a riptide and drag you under! If you feel like you’re only treading water and need help, please try contacting Money Advice Plymouth, Citizens’ Advice Bureau, or us here at CPCU.

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