Money Matters

The real life impact of affordable credit

Money

Many families need access to credit from time-to-time, perhaps to make ends meet when less money is coming in, or to cope with family emergencies.

However, for many families it has become more difficult to access credit over the last couple of years, and many consider that they have no other option but to use high cost doorstep lenders or, even worse, loan sharks.  It is estimated that since the recession up to 35,000 more people across the country could now be using loan sharks.

However, help is at hand via Credit Unions and Community Development Finance Initiatives (CDFI's), who have a key role to play in providing local access to affordable and responsible credit for the financially excluded.

The provision of this affordable credit can have a significant economic impact by increasing the disposable incomes of poorer households and providing a stimulus to local economies and communities (click here to read more about the economic impact of financial inclusion and affordable credit).

Above all, it can make a real difference to people's lives, as highlighted in these real life case studies from across the East/South Midlands provided by Midlands Community Finance, a regional CDFI