Moneyline offers access to affordable credit to consumers on low incomes. It used social investment to grow its social business.
Millions of low-income households have poor access to mainstream financial services in the UK, which means many people struggle to get bank accounts, affordable credit and other financial products.
Moneyline offers small, short-term, unsecured loans to customers who are denied credit or ignored by high street banks and who would otherwise pay too much for their money with higher cost lenders.
Model Moneyline offers small, short-term, unsecured loans to customers who are denied credit or ignored by high street banks and who would otherwise pay too much for their money with higher cost lenders.
Since it was established Moneyline has issued over 85,000 loans with a value of over £46 million to customers in some of the most disadvantaged areas of the UK. They also promote savings, which are swept into a linked bank account and is popular with 80% of new customers. Where appropriate, Moneyline refers or signposts customers to free, confidential debt advice.
Customers are living on very low incomes within the most disadvantaged neighbourhoods.
Diane Burridge, CEO, Moneyline
Taking people away from the high interest lenders and illegal loan sharks and offering them the opportunity to get loans from a responsible social enterprise lender is a great alignment of our missions.
Nigel Kershaw, Chair of Big Issue Invest