Affordable loan service comes to town

Published by Shoreline for Shoreline Housing Partnership in Communities and also in Housing

Shoreline is extending a helping hand to residents coping with the credit crunch by opening the doors to a brand new branch of its successful affordable loan service.

North East Lincolnshire's largest housing provider secured £36,000 of funding from the Barclays Community Finance Fund to extend its financial inclusion service – provided by East Lancs Moneyline - to Immingham.

Offering affordable loans to people who are prey to extortionate loan sharks and doorstep lenders, Moneyline also offers support and impartial advice including saving options, insurance cover and white goods loans.

The area’s first branch opened in July, 2008 in Grimsby. With over 1000 low interest loans already supplied amounting to £534,434, white goods loans, insurance cover and the opening of over 160 savings accounts, demand for the service is high.

Shoreline regeneration officer Christina Letter said: “Extending this service to Immingham allows residents who don’t usually have the chance or who rely on more expensive alternatives, to access low interest affordable loans and increase their household income.

“The first branch has proved extremely popular and demand from Immingham residents is growing. It makes perfect sense for us to make it easier for customers by bringing the service to them and preventing local residents having to make costly journeys into Grimsby.”

As a social landlord, Shoreline is aware that financial opportunities for tenants who live in primarily deprived communities are limited; as such services are not normally available.

Christina added: “Moneyline will also be working with residents to help them manage their finances, control their debts and access bank accounts.”

As a Community Development Finance Institution (CDFI), the service is an independent, not-for-profit, lending and investment enterprise which aims to remove barriers to those needing affordable financial products and services.

No money is taken out of the company for private gain but is reinvested to help more customers.