Circle 33 and Fair Finance: access to fair, affordable credit
One of Circle Anglia’s London housing associations, Circle 33 Housing Trust (owns over 15,000 homes across London and in 48 local authority areas) has developed a partnership with third sector credit provider Fair Finance to promote wider access to affordable loans for our residents.
Fair Finance is a not-for-profit social business based in London that offers a range of financial products and services designed to meet the needs of people who are financially excluded.
They work with a number of housing associations in London and have helped over 5,000 residents in the last four years. Over 60 per cent of their clients borrow from doorstep lenders that charge in excess of 600 per cent APR, or from illegal loan sharks that charge even more exorbitant interest rates.
For those Circle 33 residents, who have been supported to repay their loan on time, Fair Finance will ensure they receive a credit rating and therefore have access to mainstream affordable loans. So far Fair Finance has helped hundreds of residents with advice, loans and assistance in opening bank accounts.
In 2009 alone, 72 Circle 33 residents were provided with affordable loans to replace loans from expensive doorstep lenders, and over 100 were given specialist debt advice to manage their debt.
18/01/10 14:10
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