What’s it all about?
This element of financial inclusion is all about putting you in charge, helping you become a better informed and serviced consumer, with the ability to make better decisions about financial products. People who are financially excluded may not be able to access a bank account or affordable credit, and they are unlikely to be able to build a financial reserve or savings. To help people toward financial inclusion we will:
• Promote affordable credit
• Raise awareness of high cost credit and payday lending
• Tackle illegal loan shark activity & raise awareness of illegal money lending
• Raise awareness of basic bank accounts and other affordable financial services for the financially excluded
• Promote saving and savings schemes/accounts
• Ensure people in rural and deprived areas have access to non-fee charging cash machines
• Promote cooperative buying schemes
• Promote switching to get better deals and make savings
For many people it just isn’t possible to get a loan or other credit, either due to poor credit history, low income or other exclusions. This often leaves them at the mercy of high cost credit providers, who are more than willing to lend smaller sums of money but charge astronomical rates.