Don’t get caught out when borrowing money this Christmas

A stack of pound coins.
A stack of pound coins.

North Lincolnshire Council is urging residents to think twice before they borrow money and consider local alternatives to expensive payday lenders or loan sharks.

This move follows the increase in High Street payday loan companies and online lenders, and growing awareness of the scrutiny and controls placed on these high-cost options.

People in North Lincolnshire who need a loan should consider using one of the three regulated not-for-profit lenders in the area: Moneyline, My Home Finance, and North Lincolnshire Credit Union Limited (NLCU).

NLCU is also a licensed deposit taker and its member savings accounts are fully covered by the Financial Services Compensation Scheme (FSCS).

Unlike the unscrupulous lenders, these organisations will look carefully at your personal financial circumstances. This will enable them to make the right decision for you, at the right time, and will always strive to be responsible to anyone seeking credit.

As well as providing loans, some of these organisations can also open bank accounts and help set up savings accounts, plus deal with debt advice. These regulated lenders will advise people that they should only borrow money if they can afford to repay it.

Councillor Neil Poole, chair of North Lincolnshire Financial Inclusion Group (FIG), said: “Christmas is a very expensive time of year, which is why some people often turn to borrowing money. We want to raise awareness of local companies that can offer debt advice and support, and prevent people from using expensive payday loans or dishonest loan sharks.

“We welcome all forms of ethical lending which is why we support the three local services. There is no room in North Lincolnshire for loan sharks who charge extortionate rates when there are much better and more ethical means of lending.

“Many people may not be aware of these and it is important that they make enquiries before considering expensive borrowing that gets them into more debt and makes it difficult to pay back the money. People should always ensure that they are able to repay a loan before going ahead and borrowing money.

“If you are having money troubles this Christmas think twice about where you borrow money from. Don’t be deceived by dishonourable lenders.”

If you are looking for credit in the North Lincolnshire area, contact one of these organisations for advice first:Moneyline: 0845 643 1553 (or 01724 853926) or visit their website:

North Lincolnshire Credit Union: 01724 868888 or email:

My Home Finance based at Crosby Employment Bureau: 01724 844848 or visit their website:

For advice on a financial situation or debt you can contact Citizens Advice Bureau at: or call the information line on 03444 111 444 which operates between the hours of 10am and 4pm, five days a week (Monday to Friday).