Sunday, 6 March 2011

Ross Macmillan, 24dash

An affordable money lending scheme has been launched to help Coventry residents on low incomes avoid turning to loan sharks and doorstep cash lenders. As a social enterprise, where all profits are returned back into the business, people will repay the money on a weekly basis and will be charged interest of 29.9%, far lower than the 200% APR they would be charged by a doorstep lender or rates of up to 2,000% typically charged by loan sharks.

News item from newsletter of Social Enterprise West Midlands

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