Low-cost loans offer to beat sharks

A SOCIAL landlord is offering residents on a Hull estate access to low-cost loans in a bid to ward off the menace of loan sharks.
By The Newsroom
Published 1st Aug 2011, 10:16 BST

Riverside, which took control of 1,184 homes on North Bransholme from Hull Council last November, is working with the telephone-based service Moneyline following their successful partnership on similar projects northern Lincolnshire and Merseyside.

Laura Bostock, financial inclusion manager at Riverside, said: “Moneyline is helping residents in North Bransholme to manage their finances, as well as offering small low-cost loans.

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“People who have a bad credit rating, or who don’t have a bank account, are often forced to pay crippling repayment rates for instant loans, which only sends them deeper into financial difficulties. Moneyline is helping build people’s confidence in dealing with their finances.”

Moneyline has lent £1.5m in northern Lincolnshire since opening an office in Grimsby in 2008. It is a not-for-profit company whose loans are repaid by direct debit. Loans are available to residents whether they are employed or not. For more details call Moneyline on 0845 519 8053.

Related topics:PeopleHullLincolnshire