31 March 2022: An FT article about Provident Financial, which closed its doorstep lending division last year after receiving thousands of customer complaints and being investigated by the Financial Conduct Authority (FCA) for selling unaffordable loans, flags the urgent need for better options for people with poor credit scores.
Siddharth Venkataramakrishnan’s article includes a quote from Responsible Finance CEO, Theodora Hadjimichael:
“It has never been more urgent to scale-up [non-profit] community development financial institutions, so more people have a better alternative when they need to borrow.”
Our members exist so people can get affordable credit in a way that helps them, rather than exploits them, and we must ensure illegal and exploitative lenders don’t prey on Provident’s former customers.
What next?
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- We can offer interviews, comment and case studies about access to finance / affordable credit / financial inclusion / debt, relating to businesses, social enterprises and people. Please contact [email protected] // 07904 272 200 to request interviews and case studies.