Faisel Rahman taks about Fair Finance, a social business that aims to reduce financial exclusion and exploitation amongst poor and low-income communities in the UK.
3. According to the FSA, Government
and Competition Commission
• Up to 12 million people use non mainstream lenders in the
UK
• 7-10 million with limited access to financial services
• 2m without bank accounts
• 3-5m using doorstep lenders
• 2m+ using pay day lenders
• 200k using illegal money lenders
4. Lender Average APR
Morses Ltd 365%
Provident 469%
Rhodes Finance 1064%
CLC 1564%
Pay Day 2500%+