Lincoln has become the second city in the UK after Sheffield to benefit from an ethical financial organisation named Lincoln Money. The scheme was launched yesterday at the fourth Lincoln against Poverty conference.
Lincoln Money offers a viable alternative to high cost credit and door step loan companies, helping people stay away from unhonest lenders.
The company aims to help the people of Lincoln with access to better loans and advice and is working in partnership with the City of Lincoln Council. The schemes aim is to stop people using companies such as Wonga and also allowing people who need to borrow money have a realistic pay back scheme.
With a 59.9% representative the APR is margins lower than companies such as Wonga and Quick Quid and allows people to borrow the money they need without ending up in further debt.
Rob Shearing, Chief Executive of Lincoln Money said: ” This scheme helps people who may have had a car tyre burst and need the money for a new one straight away. Yes in an ideal world people would have saved for things like this to happen, but that doesn’t always happen. We are here to help people in the short term.”
You can watch the full story below:
