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Community Development Financial Institutions (CDFIs)
CDFIs aim to provide loans at competitive rates to businesses and individuals who may struggle to get a loan from a bank, building society or other high street lender. They are not-for profit organisations, so they do not aim to make money from their customers. This means they keep costs as low as possible and avoid charging the high
APRs
associated with
doorstep
or
payday loans
.
CDFIs may also help you open a bank account for your loan to be paid into, allowing you to begin building up a relationship with your bank and improving your
credit record
. A similar type of service is provided by My Home Finance (
http://www.myhomefinance.org.uk/index.html
), although this is currently only available in the West Midlands, where it is being piloted. For more information on local CDFIs, see:
Greater Manchester Moneyline –
http://www.moneylinegm.co.uk/Default.aspx
East Lancashire Moneyline –
http://www.elmline.co.uk/index.html
Lancashire Community Finance –
http://lancashirecommunityfinance.co.uk/index.html
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