Low Cost Loans For Low Income Families

Written by Editorial Team

01 February 2007

The Government launches a campaign today to help people living on low incomes manage their money better. ‘Now let’s talk money’ will help people who don’t usually have access to financial services find out about how they can get bank accounts and low cost loans.

Department for Work and Pensions Minister James Plaskitt says the multi-media campaign is part of the Government’s on-going work to tackle financial exclusion. “People without access to affordable credit often have to borrow from very high cost lenders, including loan sharks, and can face a lifetime of debt and poverty.

“Those without a bank account can find it hard to get a job, and are vulnerable to loss or theft, and people who rely on cash are unable to make savings using direct debits on utility bills,” he said.

“By working closely with our partners in housing associations, charities and financial institutions on this campaign we can encourage more people to get free financial advice, and show them how getting a bank account and access to affordable credit can help them begin to leave their money worries behind.”

Economic Secretary Ed Balls, said: “The ‘now let’s talk money’ campaign is a great way of getting more people engaged with banking, affordable credit and advice services. By working closely with our partners in the voluntary and private sectors, we can make a real difference to those most affected by financial exclusion.”

The campaign is being funded by the Financial Inclusion Fund; more than 350 new advisers have already been created to provide free face-to face money advice, and more than 100 lenders are now able to offer loans at more affordable rates.

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