New money lending service for low income families

A money-lending scheme’s been launched in Coventry today for families on low incomes.


Another branch in south Birmingham

The My Home Finance shop on Hertford Street – which is run not-for-profit – has been set up to try and stop people turning to loansharks.

They’ve already issued 193 loans in the city as part of a pilot scheme across the West Midlands.

People can request up to £500 to use on everyday items, important housing appliances like washing machines or school uniforms.

Carly from Henley Green was given a loan to redecorate her home:

“I went down, told them what I paid out, and what I needed for – and the lady I spoke to told me the money would be there within three working days.”

“I use another loan company, which takes far longer to give you a decision – with this scheme, I knew within half an hour.”

For more information about the My Home Finance project, click here.