Responsible Finance: The Industry in 2016

Posted by: Eden Morrison on March 02 2017 | Tagged:

In 2016 responsible finance providers lent £19.8m to 36,957 individuals, and £2.8m to 389 homeowners for home repairs according to the latest report by Responsible Finance.

Scotcash’s trade body Responsible Finance supports a strong and growing network of finance providers who are building resilient economies throughout the UK.

Responsible Finance recently released their flagship annual report ‘Responsible Finance: The industry in 2016’ on the responsible finance industry, with updates and figures on business, social enterprise and personal lending.

“6 million people, 10% of the population, either do not have or struggle to use their bank account. They will frequently turn to alternative forms of finance to make ends meet. This often means high cost payday lenders or illegal loan sharks. Cuts to welfare and economic instability over the past decade have exacerbated the precarious position of many in the UK. The responsible finance industry is committed to supporting this segment of the market, often providing wraparound services to promote financial wellbeing and literacy, and encourage saving.” - Responsible Finance: The industry in 2016.

The report lays out key findings and recommendations across the sectors of Small business lending, Social enterprise lending, and Personal lending. Scotcash is one of Responsible finance’s participants within the Personal lending sector.

Read the full report by clicking on the image below: