9.7 million households across the UK reported a fall in income by the end of July 2020 as a direct consequence of the pandemic. Nearly one in six households – 16% – were struggling to make… Continue reading
Tag: Payday loans
Podcast: Neil Kadagathur, Creditspring
Neil Kadagathur is CEO and co-founder of Creditspring, which he describes as a “new type of credit product designed for people with limited savings specifically for unexpected expenses.” Creditspring launched in September 2018 and at the… Continue reading
Woe for Wonga, opportunity for Responsible Finance
After weeks of turmoil Wonga, the payday lender that came to symbolise Britain’s household debt crisis, collapsed into administration recently. Many people in or supportive of the responsible finance industry have welcomed its demise (with much… Continue reading
Responsible finance is the only real alternative to predatory lending
05.02.2018 This week the FCA published an update on its work in the high cost credit market. A fuller picture of the FCA’s position and potential interventions in the rent to own, home credit, catalogue… Continue reading
Breathing Space call for evidence
Responsible Finance response. Problem debt places a heavy burden on individuals and families. It can lead to people falling into a persistent cycle of debt dependence with an ever-growing burden of debt, triggering stress and… Continue reading
Just Money – Civil Society Action for Community Finance
David Barclay explains how the Just Money campaign has been working with experts (including the CDFA) to develop a proposal for a Community Finance Foundation, endowed through £200 million of fines on banks and payday lenders over the next parliament. Continue reading
How do we meet the growing need for affordable credit?
13.04.2015 A new discussion paper by the Carnegie UK Trust has set out the need for a range of affordable alternatives to meet the demand for small sum short-term credit – including CDFIs and credit unions.… Continue reading
Citizens UK launches proposal to save half a million people from debt
A proposal to use £200m of fines on banks and payday lenders to support community finance organisations such as credit unions has today been launched by the national community organising charity Citizens UK. The idea, which is supported by the Archbishop of Canterbury’s Task Group on Responsible Credit and Savings, would see the creation of a Community Finance Foundation to help ethical alternatives to high-cost credit expand their reach and improve their sustainability. It is estimated that over the next five years such a venture would help 500,000 people avoid high-cost credit, saving them over £200m per year in interest and fees and reducing the cost of problem debt on wider society by £1.4bn. Continue reading
Peak payday has passed – what next?
Niall Alexander of Moneyline discusses the implications of an interest rate cap for payday lenders Continue reading
New community banking solution launched in Bristol
Work is underway to set up and test a simple and practical community finance partnership to deliver wide-ranging finance and support services in Bristol. The pilot project is being led by the South West Investment Group (SWIG), a community development finance institution (CDFI) that will partner with other services to present a viable and integrated alternative solution to fragmented mainstream finance and support services. Continue reading