Responsible Finance supports a new affordable loans portal to help people break a cycle of debt
Responsible Finance is backing a collaboration of affordable lenders to help people across the country break free from the cycle of high-cost debt.
The Affordable Loans portal – a partnership between private and social sector bodies – will make it easier for people with poor or no credit rating to access affordable loans from responsible lenders, saving them hundreds of pounds in the process.
The Affordable Loans lenders are a collaboration of several credit unions and community development financial institutions that are partnering with leading supermarket ASDA, who will be housing the portal on their website to direct its customers to Affordable Loans.
Jennifer Tankard, CEO of Responsible Finance said:
'The Affordable Lending Portal is a ground breaking partnership that will help hard working families to borrow money at affordable rates. Credit is an essential tool that helps families manage their finances but unfortunately too many people have had to rely on high cost lenders to get credit. The Affordable Lending Portal provides an easier route for families to borrow from affordable and responsible lenders. Responsible Finance has enthusiastically supported the project, which will connect those seeking credit with our network on responsible finance organisations.'
Chair of Affordable Loans, Keith Rivers, added:
“We are delighted that Responsible Finance has shown its support to Affordable Loans. People think those out of work are the only ones struggling with debt- but this is simply not the case, with more than half of people heavily indebted in the UK being in work- it can affect everyone from worried working families to ambitious young workers.
“Those caught up in high cost borrowing are shut out from the best interest rates when they need it most. We offer products to change that and help people break free from the cycle of debt in an affordable way.”
For more on Affordable Loans and to get a quick quote visit www.affordableloans.credit or follow @loan_affordable on Twitter to find out more.
