Affordable personal and business loans available to Trafford
Housing Trust tenants and residents in partnership with Moneyline
Greater Manchester.
Moneyline Greater Manchester
There has always been a need for instant loans for people,
whether it is because of an accident, something breaks down, or
there is a life changing event such as starting work or re-training
following redundancy. Some people cannot access loans from
high street lenders because of their income, where they live or
their previous credit history.
Door step lenders and loan sharks exist in Trafford, charging up
to 300% in some instances, (higher with a loan from a loan shark)
(see www.lenderscompared.org.uk
for actual real life comparisons)
So the question has to be asked
Why should the people who can least afford it , pay interest
rates of up to 399% (or up to 2500% if a loan shark lends money) to
deal with emergencies or life changes.?
So what is the Trust doing to help?
We have entered into a partnership with Moneyline Greater
Manchester, who can offer personal and business loans to people who
find it difficult to get loans elsewhere. They are a Community
Development Finance Initiative, set up in 2000, to look after an
allocate funds to people who would otherwise go to loan sharks,
payday loan companies or High Street weekly payment stores.
We know the demand is there for quick small loans and we feel
that directing customers to Moneyline Greater Manchester for a
more ethical loan, will save them money in the long term, teach
budgeting skills, and signpost to credit unions and other ethical
sources of savings and loans for future planned events.
Moneyline Greater Manchester is an ethical lender, in that they
will never provide a loan if it will overburden an
individual and they will not be able to pay it back. Importantly as
well, they will not try to sell any products or sell further loans
when one has come to an end. There are also no early repayment
costs and no arrangement fees. They charge a set interest rate
on a diminishing loan amount. Personal loans are from £50 to £1000,
and can be for any purpose. The rate they charge for the loans is
the same for everybody
The rate they charge is an APR of 28.31%. This compares very
favourably with other forms of finance that are used (see the table
below for costs and comparisons)
An example of repayments is shown below:
|
Amount
Borrowed
(A)
|
Length
of loan
|
Weekly
repayments
|
Monthly
repayments
|
Total
Repayable
(B)
|
Cost of
Borrowing from Moneyline
(B)-(A)
|
Example of similar cost of borrowing obtained from a
doorstep lender
(obtained from www.lenderscompared.org.uk)
|
|
£50
|
1 year
|
£1.08
|
£4.70
|
£56.40
|
£6.40
|
£32.50
|
|
£100
|
1 year
|
£2.16
|
£9.40
|
£111.86
|
£11.86
|
£65.00
|
|
£200
|
1 year
|
£4.32
|
£18.81
|
£225.72
|
£25.72
|
£100.00
|
|
£300
|
1 year
|
£6.46
|
£28.16
|
£335.49
|
£35.49
|
£150.01
|
|
£400
|
1 year
|
£8.65
|
£37.61
|
£451.32
|
£51.32
|
£200.00
|
|
£500
|
1 year
|
£10.76
|
£46.93
|
£559.10
|
£59.10
|
£250.00
|
|
£1000
|
1 years
|
£21.62
|
£94.03
|
£1,128.36
|
£128.36
|
£500.00
|
How does it work?
Customers need to ring Moneyline Greater Manchester directly and
they will tell you what to do next.
Because Moneyline is based in Salford, it was felt that this may
preclude people from accessing the service. We have therefore
developed a directory of available venues across the borough that
can be booked, when a firm appointment is required to process an
application.
So....all that remains is to make the call to MONEYLINE on
0161 736 6500.