Introducing Our 2024 Blog Series

Strengthening Financial Resilience

Shiona Crichton - Moneyline CEO

9th May 2024

Welcome to our upcoming series of blog posts. Over the next few weeks, we’ll be exploring critical issues faced by our not-for-profit organisation, Moneyline, dedicated to improving the financial resilience of low-income households across the UK. 

We offer an alternative to very high-cost credit options or illegal money lenders, which are often the only avenues available to our customers due to various challenges like low credit scores, irregular income, cash reliance, and digital confidence. Moneyline is one of the last national not-for-profit organisations providing small cash loans to the highest risk customers—something we’ll discuss throughout this series. 

This series will culminate in the release of our 2023/24 Social Impact Report, showing the difference we’re making in the communities we serve. 

Our Upcoming Topics: 
APR

Addressing the Elephant in the Room: We start by tackling the subject of Annual Percentage Rate (APR), a controversial aspect of our loans. Despite being a not-for-profit, our APR has posed considerable challenges in forming partnerships and securing funding essential for delivering our mission. We’ll discuss the moral considerations surrounding APR and our strategies to overcome these barriers to continue our work.

The Importance of Real-Time Data

The Importance of Real-Time Data: Our second post will highlight the critical need for access to more up-to-date credit information, available in a way that is practical for loan organisations. With instant loan payouts supported by open banking, real time payments and AI decision making, the delay in updating credit files is a significant hurdle in ensuring the best customer outcomes. Improving the timeliness and completeness of credit information could also bridge the Buy Now Pay Later (BNPL) information gap.

More Than Just a Loan
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More than Just a Loan: In this post, we’ll delve into our holistic approach we offer our customer’s. While immediate cash need is a key part of our offering and what our customers need, our core focus is on enhancing long-term financial resilience for our customers. This blog will provide a deeper understanding of our customers’ needs and our strategies for improving their financial health.

Alternatives When Credit isn't Answer

Alternatives When Credit Isn’t the Answer: In this post we will discuss the growing number of people applying for credit to pay for essential bills. We will discuss our work in the FCA tech sprint in our Joint Venture with InBest, aimed at bettering outcomes for applicants we can’t offer a loan too. The necessity for support doesn’t stop when a loan is declined, and we’ll explore effective alternatives to traditional financial advice, ensuring meaningful signposting is provided

Financial Inclusion through Innovation
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Financial Inclusion through Innovation: In our final post we will share early insights from our trial using Variable Recurring Payments, exploring how innovative payment solutions can promote financial inclusion and help alleviate the poverty premium.

I hope you enjoy this series and please feel free to contact me directly on  shiona@moneyline-uk.com or through direct messaging.  

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