East Lancashire Moneyline

The relief of poverty by provision of appropriate financial services, promotion of financial inclusion and debt advice services.

Moneyline, established in Blackburn in 2002, provides unsecured personal microfinance loans to marginalised customers who are typically unable to access mainstream financial services. Loans are provided responsibly and transparently at far cheaper rates than customers would be able to access from mainstream ‘doorstep’ lenders. Moneyline also provides savings accounts together with debt advice to promote financial independence and help customers break the cycle of indebtedness. The business operates from multiple branches across the North West of England and Wales, and since inception in 2001 has made over 128,000 loans totalling more than £68 million in value and generating £8.5 million in savings deposits. Our investment is being used to help fund growth in the loan book, reaching more customers and reducing their reliance on unethical and high cost lenders.

Since investment, outputs have increased significantly. The increase in new customers seen this year is particularly encouraging, demonstrating Moneyline’s ability to draw customers away from the less ethical sector of the short term lending market. Moneyline’s target outcomes include;

  • Improved access to appropriate and affordable financial products for people who cannot access mainstream financial services.
  • Improved access to appropriate support and advice for people who cannot access mainstream financial services.

The organisation achieved against these objectives with a 4% increase in gross lending between 2015/16 and 2016/17, and a 42% increase in the number of new customers over the same period.

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