Clevr Money Credit Union Offers Advice as Doorstep Lender Stops its Loans Service

Tuesday 23 January 2024

Clevr Money which operates in Blackpool to Preston has welcomed the ending of a doorstep lending operation.

Clevr Money said it had an experience of helping former Provident customers. Many originally took out small loans and made their repayments weekly in cash. Anthony Brookes, Loan Manager at the Credit Union said the change could leave many thousands of people, who don’t have access to alternative credit such as those without current accounts, in limbo and at risk of racking up even more debt with online payday lenders or even turning to the illegal loan sharks.

“While the ideal is for people not to get into any debt, the reality is they have as much need for cash as anyone else, to pay bills, rents, buy food and clothe their children,” said Anthony. “There will be families who have been using the same doorstep lender for generations, who have a great relationship with their contact and rely on the service. We are desperately hoping that those people will turn to the credit union for help rather than another high-interest lender.

“We lend responsibly, and our aim is to help people pay off their debts and sort out their finances, not to remain in debt forever. We offer loans specifically to pay off large debts and arrange affordable repayment plans. “We provide specific loans to help with buying school uniforms or paying for car repairs or replacement white goods for example.” He said their loans in Lancashire tended to range from £200 to help with things like Christmas and birthdays, to large loans up to £15,000 to pay off many years’ worth of debt.

Despite the difficulties brought by the Covid-19 pandemic, Clevr Money issued 3,000 loans in the year to September 2020, to people from Blackpool, Fylde, Wyre, and Preston. It saw its total savings grew 11%.

Ron Bell OBE, President of the Clevr Money board, paid tribute to the ‘magnificent’ efforts of the staff to record an excellent set of results, despite having to close the Birley Street office to the public and stop face-to-face community meetings since March last year.

Speaking after the AGM, which was held by video call, he said: “The success of the last year, against the odds, is down to the flexibility, determination and dedication of the incredible team we have here at Clevr Money.