Affordable Credit

Supporting residents to access appropriate financial products

Affordable Credit: small manageable loans from a supportive lender

Small loans are not commercially viable for financial institutions to administer, and have been traditionally offered by family and friends to one another for this reason.

When people need money to meet their responsibilities but these these sources of credit are not an option they may turn to:

• licensed doorstep lenders providing cash legally for rates of up to 1200% APR
• illegal money-lenders ("loan sharks") who may offer easy terms on a friendly basi to start with but may use threats or violence to extort larger sums as the borrower becomes more indebted

But small sums of money can now be borrowed at low cost in most London boroughs from a Credit Union or a Community Development Finance Initiative (CDFI)

• Download this March 2011 List of London Credit Unions Opens in a new window to check which Credit Union operates in your borough and how to get in touch with them
• For CDFIs that operate in London visit the Finding Finance website Opens in a new windowrun by the BIS funded Community Development Finance Association

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