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
Tag: personal finance
Governnment to introduce interest rate cap
The government has announced that the cost of payday loans will be capped under a new law. In a surprise move, Chancellor George Osborne said there would be controls on charges, including arrangement and penalty fees, as well as on interest rates. Continue reading
Put your money on the high street
Our high streets don’t look like they once did. They’re now full of bookmakers, pawn shops and payday lenders. Continue reading
My Home Finance wins Responsible Lender of the Year
Congratulations to CDFA member My Home Finance which won Responsible Lender of the Year at the recent Credit Today Awards. Continue reading
Families could save £2.1billion with ethical lenders
The seven million people currently using payday and doorstep lenders could save £2.1billion if they used ethical alternatives, according to new research released today. Community development finance institutions (CDFIs) are non-profit lenders that operate across the UK. Last year demand for their services more than doubled.
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£6billion gap in finance for individuals and organisations outside mainstream finance
Unmet demand for finance amongst individuals and organisations that do not qualify for traditional bank funding has reached more than £6billion, according to new research published today by the Community Development Finance Association (CDFA), supported by RBS Group. Continue reading
Tackling Britain’s high cost credit problem
The Centre for Responsible Credit is holding a conference to discuss the latest developments in the high cost credit sector and consider what now needs to be done. Continue reading
CDFA welcomes future cap on payday lenders’ rates
CDFA has welcomed a Government commitment to amend the Financial Services Bill which will give the new financial regulator the power to cap interest rates on payday loans. Continue reading
OFT warns payday lenders they could be shut down if they don’t clean up their act
The Office for Fair Trading has said that most of the 50 major payday lenders it has scrutinised since launching an investigation earlier this year failed to comply with legal obligations and expected standards. The OFT told the 50 biggest firms that they may face enforcement action, which could mean putting them out of business. The regulator has also warned the UK’s 240 payday firms about growing evidence of poor practices in the sector. Continue reading
One in four 18-24 year olds likely to seek a payday loan
The number of British adults who say they are likely to seek a payday loan in the next six months has risen from 3.5 million individuals to 5 million since this time last year, with 26% of the 18-24 age group likely to do so. Continue reading