Who or what is a CDFI?
A CDFI is a Community Development Finance Institution. If a company is registered as a CDFI, it is an ethical company which can offer loans to people who live in certain postcode areas and who may find it difficult to borrow from high street banks or building societies. This is the reason that CDFIs are included in the Mersey Money directory.
No membership is needed to get a loan from a CDFI. A loan from a CDFI is much, much cheaper than borrowing money from a doorstep lender, pawn broker or pay-weekly store. However a loan from a CDFI is usually more expensive than borrowing from a credit union. CDFIs encourage their customers to become a member of their local credit union and where possible, to start to save regularly in addition to paying off their loan. In this way, the member's savings increase and in the future, if another loan is needed, they can apply for a low-cost loan from their credit union, instead of taking out a second loan from a CDFI.
In Merseyside, there is one CDFI - East Lancs Moneyline.
East Lancs Moneyline is a high street service offering affordable loans, money advice, bank accounts and linked savings accounts.
Why choose East Lancs Moneyline?
- We provide loans, savings and advice
- We can help whether you are a Homeowner or a tenant
- We can help whether you are working or on state benefits.
- We provide a fast in principle decision
- We are a 'not for profit' company which is reflected in the price of our loans.
- We offer flexible weekly or monthly repayment terms.
- Your application will be handled by one Personal Advisor.
East Lancs Moneyline have 3 branches in Merseyside covering Warrington, St Helens and Wirral. Click here to find out more about East Lancs Moneyline and to obtain full contact details for each area.