Free online training on illegal money lending, and Community Lenders information - December 2023

Please also find a flyer attached about community lenders

What are community lenders?

• Responsible Finance’s is a membership organisation for community lenders, also known as “community development finance institutions” or CDFIs
• Millions of people are charged high interest rates if they need to borrow, because they work through short-term contracts, don't have a perfect credit score, or have incomes that go up and down
• CDFIs offer flexible, fairer and cheaper credit than payday, high interest, pledge and illegal lenders
• They make short term loans of around £400-£500 on average and their customers typically save around £300 compared with borrowing from alternatives
• CreditSpring, Fair for You, Lendology, Moneyline and Salad Money and are all CDFIs, and Responsible Finance members
• These lenders understand that nearly everyone needs a loan at some point to spread the cost of anything from a washing machine or holiday to an unexpected bill
• They can’t help everyone who applies but they do offer loans to lots of people who can’t get a loan elsewhere – all are direct lenders and are not payday lenders
• They will all take time to check whether you can afford the loan you want
• Some also offer savings products and tools to help you see if you have any unclaimed benefits or grants
• Actor and activist Michael Sheen is a big fan of CDFIs and they are not-for-profit. Lots of newspapers like the Guardian, Financial Times, Express, Sun and Mail have written about how CDFIs help people and households – the BBC and ITV have covered them too.