In 2016-17, the responsible finance sector helped customers deposit £3 million into savings accounts
Responsible finance providers are ambitious to help more people take out affordable credit, build up savings and become financially resilient.
According to the debt charity StepChange, problem debt is costing the UK economy £8.3 billion as borrowing from high-cost, predatory lenders persists. This has significant impact on productivity, physical and mental health, and employment potential.
Responsible finance providers specialise in providing affordable credit and financial capability support to those excluded from mainstream financial services, many of whom rely on high cost credit to make ends meet.
In 2016 - 17 the sector lent £22 million to 55,348 people while also helping customers to deposit £3 million into savings accounts. We also help customers improve their creditworthiness through making regular repayments and provide wraparound support, such as money management advice to build financial resilience.
Responsible finance providers are ambitious to help more people take out affordable credit, build up savings and become financially resilient. Our recent report, Scaling Up Affordable Lending: Case Studies delivered in partnership with the Centre for Business in Society, Coventry University, with support from Oak Foundation sets out the key requirements, including access to capital, to help the sector grow.
