creating communities to be proud of
tackling the credit crunch
Local MP Austin Mitchell officially opened the doors to the area’s first Community Development Finance Institution (CDFI) on Friday July 11, 2008.
Shoreline and Havelok are tackling the credit crunch and bridging the gap of financial exclusion by funding the CDFI, based on Freeman Street, Grimsby.
The Institution is an independent, not-for-profit, lending and investment enterprise providing affordable credit and a range of financial services to tenants and residents across North East Lincolnshire.
The service – in partnership with the Citizens Advice Bureau and North East Lincolnshire Credit Union – is provided by the successful East Lancs Moneyline.
A range of services, support and impartial advice is provided, including;
- low interest loans
- saving options
- insurance cover
- white goods loans
We aim to increase access to financial opportunities for tenants who live in primarily deprived communities where such services are not normally available.
Housing association officers from both landlords will use the service to help and support tenants at the earliest stages of financial difficulty, signposting tenants to the service while raising awareness in the local community.
Shoreline neighbourhood investment manager Graham Johnston said: “We don’t think there should be such a thing as financial exclusion. We want to build sustainable communities where tenants feel financially secure in their homes.
“This service allows those residents who don’t usually have the chance or who rely on more expensive alternatives, to access low interest affordable loans and increase their household income, ultimately improving their quality of life and wellbeing.”
Investing in a not-for-profit CDFI ensures that the organisation is delivering social returns for years to come as no money is taken out of the company for private gain but is reinvested to help more customers.
Contact Moneyline at:
238 Freeman Street
Grimsby
DN32 9DR
Tel: (01472) 267600
You can also visit their website
Frequently Asked Questions
What is Moneyline?
We are a not for profit company. This means that no money is taken out of the company for private gain. Instead it is reinvested to help more customers. Trading since 2002 in Lancashire we have issued over 7,000 loans and opened over 1,000 savings accounts.
Are you cheaper than a bank?
No. If you have a bank account they should always be your first point of call.
I use a “cash loan” company is Moneyline a better alternative?
In terms of cost – yes. Most cash loan companies charge up to £65 interest for each £100 borrowed, with Moneyline the cost will be closer to £15. However, unlike most cash loan companies we do not collect repayments from your home. Repayments are collected by weekly or monthly Direct Debit from your bank account.
What if I do not have a bank account?
Without a bank account your loan options are limited to cash loan companies. However, providing we can verify your identity and address, for example a recent benefit entitlement letter and tenancy agreement, we can help you to open a bank account.
How do I apply for a loan?
Call into the Grimsby office or give us a ring. We will let you have an application form and make you an appointment to talk over what you need. We can normally give you a decision at the end of that meeting.
How much do I pay back?
A few examples are listed below:
Loan |
Term in weeks |
Weekly |
Monthly |
Interest |
Admin Fee |
Total amount to repay |
£100 |
26 |
£4.08 |
£17.78 |
£6.08 |
£5.00 |
£111.08 |
£250 |
52 |
£5.38 |
£23.47 |
£29.76 |
£12.50 |
£292.26 |
£500 |
52 |
£10.76 |
£46.93 |
£59.52 |
£25.00 |
£584.52 |
Typical APR 37.96% - the above figures are indicative. Full quotation on request.
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© Copyright 2007-2009 Shoreline Housing Partnership Ltd. Registered Charity Number 1107876. |
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