Financial experts help East Lancashire people avoid loan sharks

First published in News

FINANCIAL experts are helping East Lancashire’s most vulnerable people break away from the grip of loan sharks.

A circle of three social enterprises have entered a ground-breaking partnership to offer solutions for people unable to access finance.

The partnership, sees recycling social enterprise, Doncaster Refurnish, Sheffield-based Key Fund, and East Lancashire’s Moneyline join forces.

Moneyline which has offices in Blackburn and Burnley, offers small loans to those struggling to borrow, or those who are vulnerable to high cost lenders.

Chief executive officer, Ian Clough, said: “Moneyline is a social business.

“We lend money, unsecured, to those people who are ignored and unwanted by mainstream lenders.

“We are proud to be working in partnership with Refurnish helping to forge positive social change for those most in need.

“Mainstream lenders are not stepping up for those on the edge, it’s crucial there is a lifeline to safeguard our communities and act responsibly.”

Matt Smith, fund manager at the key fund, said: “This new partnership will make a significant impact on local people who are in dire financial straits, developing new services so they don’t fall into the murky world of loan sharks and other illegal activities.”

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