New Financial Inclusion Scheme Launched
48384
Finance > Personal Finance
Oct 12, 2007
Mark_Dawson
New Financial Inclusion Scheme Launched
The roll-out of a new microfinance institution (MFI) could see some of the most financially-excluded people in Britain gain access to low-rate loans, it has been announced. Based in London, the Community Money scheme has been launched to help individuals, community groups and businesses take out a loan and other financial products. The first MFI in the country to be set up as a Community Interest Company (CIC), the project will see two fiscal schemes created to aid the monetarily-excluded parts of society. Starting later this month, the Community Lottery, a weekly 1 pound sweepstake, has been launched which will see its proceeds go towards a loans and grants fund, which is due to start operating in the early stages of 2008. Meanwhile, the Community Money Financial Inclusion Programme has been developed to help combat the problem of financial deprivation among low-income consumers. It will also provide support to those Britons forced to take out high-interest lending and the associated debt problems in paying back loans. As a result, the move could see borrowers develop access to more competitively-priced loans. In addition, the programme will see the implementation of financial inclusion strategies on the behalf of regeneration agencies, local authorities and housing providers. Commenting on the announcement, Puck Markham, founder and chief executive for Community Money CIC, said: "In today's economically-polarised society, the more affluent and socially aware individuals are looking to regulated investment opportunities that benefit their local communities. Community Money has been set up to provide that investment vehicle which in turn enables the provision of affordable loans, community grants and other financial services to those who need it most." Meanwhile, pointing to findings from HM Treasury, the organisation reported that around one out of 12 British households are often unable to access mainstream loans and other forms of credit which offer competitive rates of interest as they are deemed to be of greater risk when it comes to making repayments. In addition, such consumers were stated to be shut off from the provision of basic financial advice which, if granted to them, could help them to look for low-rate loans and make repayments with greater ease. Consequently, those Britons on a low income are often forced to rely on unscrupulous lenders, who are reported to charge annual interest rates of up to 1,500 per cent for short-term borrowing. Such companies are said to target "the people who least can afford to pay such high prices for essential goods and services". Earlier this year, R3 - the Association of Business Recovery Professionals, the trade body representing insolvency practitioners, claimed that recent proposals by the government could help the financially-excluded avoid unscrupulous lenders and instead access low-rate loans as they adopt a more responsible approach to their finances. Nick O'Reilly, vice-president for R3, urged those struggling with numerous demands on their money such as secured loans and utility bills to avoid loan sharks and instead seek advice from respectable professionals. Yet those consumers finding themselves nearing an untenable money management position may want to take out a bad credit loan as a means of getting back on their financial feet and helping them to repair the damage done to their borrowing history.
Mark Dawson writes for the Loan Arrangers. Where visitors can compare secured loans online, and apply for the best rate secured loans available to them. To read more articles from Mark go to http://news.loan-arrangers.co.uk
send email to Mark_Dawson
Write a Review
Add to My Favorite
Refer it to Friend
Report Article
Other links owned by this user
Men are struggling the most with their money management, according to the publication of new figures.
Category:
More Britons need to be educated when it comes to managing their money, an industry expert has claimed.
Category:
The nation is set for a 'financial hangover' as the end of the year approaches, according to the publication of a new report.
Category:
Homeowners may see that their day-to-day finances are set for a shock, according to new reports.
Category:
Britons are raiding their savings accounts in an attempt to supplement overspending in other areas of their finances, new figures reveal.
Category:
New homeowners are finding it difficult to fund improvements to their property after they move in, fresh research indicates.
Category:
Borrowing in Britain continues to remain weak, a new set of figures have highlighted.
Category:
Britons could be putting themselves under unnecessary financial strain, new statistics have suggested.
Category:
House prices have fallen for the first time this year, new figures show.
Category:
Large numbers of young people are getting into debt situations from which it is difficult to recover, the latest research suggests.
Category:
Britons are increasingly looking to their families for financial support, a new study shows.
Category:
With constraints on their finances predicted to rise over the coming weeks, consumers could be well advised to make sure that their monetary situation is in sufficient shape to cope with an increase in payments, an industry expert has asserted.
Category:
The concept of borrowing has become much more acceptable in recent years, one industry expert has declared.
Category:
More Britons could be on track to receive better guidance in managing their finances, it has been revealed.
Category:
Those considering buying one of the new 57 registration cars are being advised to consider their purchase with care.
Category:
Older people in Devon are increasingly struggling with their finances, new figures show.
Category:
An ever greater number of women in Ireland are developing ill health due to difficulties with managing their money, a new set of figures have revealed.
Category:
British households are under evermore financial pressure, according to the publication of new figures.
Category:
Britons may be in a better position to make repayments on loans and other forms of borrowing as new figures reveal that household wealth has increased dramatically during the last decade.
Category:
Britons, particularly the young, are seeing a rise in the financial pressures placed upon them, a new study indicates.
Category:
Other links at Finance > Personal Finance
Consolidating student loans is a savings option available through lending companies to assist graduating students when they leave college. This is done through one combined loan with an extended payment schedule which results in a smaller monthly payment.
Category:
Problems in managing money can often contribute towards many people performing poorly in the workplace, it has been suggested.
Category:
Online banking has changed the way we do business. It has made banking and bill paying quick and easy. There are many conveniences available. You can deposit money from one account to another, order checks, or check your balance all with out getting out o
Category:
Consumers are borrowing more money, new figures have indicated.
Category:
The Pension Protection Act was recently passed by Congress and signed into law. It is "the most sweeping reform of America's pension laws in over 30 years." Whether you're retired or still laboring to build your nest egg, the Pension Protection Act (PPA)
Category:
Site Sponsor
Directory Statistics
Articles: 68252
Categories: 501
Yahoo Entertainment
