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Exciting times - Money Matters partners with Luton Council and Luton Rising to support our community!

New low cost credit to help Lutonians with cost of living this summer

With the cost of living crisis continuing and many families facing extra costs over the summer, Luton Council is reminding local residents that they can get lower-cost credit from Luton-based not-for-profit lender Money Matters Community Bank.

Lutonians currently receiving Child Benefit payments can now save on loans against future benefit receipts. Monthly payments come out automatically, and they can also choose to put a small amount monthly into a savings account to build a cushion for the future.

A recent study revealed participants in child benefit savings and loans schemes reported an increased confidence in managing their finances and experienced notable improvements in their overall well-being and mental health. What's more, 70% agreed that this lending option helped them save more regularly.

Research carried out for Luton Council conservatively estimates that 3,730 local people are using loan sharks while another 12,400 people are using subprime loans

Money Matters Community Bank provides a significantly lower-cost alternative that enables Luton residents to escape illegal money lending and the debt spiral of extremely high interest rates.

Local people who have any information or concerns about loan sharks operating in their area are also strongly encouraged to report anonymously to Stop Loans shark helpline via 0300 555 2222 or online at https://www.stoploansharks.co.uk/.

Cllr Hazel Simmons MBE, Leader of Luton Council, said:

"There is desperate need for affordable credit in Luton, with over 12,000 local people in Luton having loans valued at over £20m from high-cost credit providers at a repayment cost of £33m. Around 3,700 people here are in debt to loan sharks, according to an independent review of affordable credit in Luton commissioned by Luton Council.."

“Prices of food and many other essentials continue to soar and with interest rises going up, it’s even more important that people are not forced into the arms of high cost lenders and loan sharks. I’m delighted that local people can get lower cost loans from the Money Matters Community Bank which is a local credit union owned by its members”

Dennis O’Connor, Chairman of Money Matters Community Bank, said:

“Our mission at Money Matters Community Bank is to provide fair, affordable and accessible financial products and services to all members of our community. Everyone deserves the right to low-cost loans and savings accounts, regardless of their financial background or income level. Our partnership with Luton Council and Luton Rising will help to ensure that the greatest number of people in Luton will be aware of the competitive products and useful financial services we offer.”

Cllr Javeria Hussain, Chair of Luton Rising, said:

Luton residents can borrow up to £700 with a fixed interest rate of just 33.5% APR, which beats the exorbitant rates charged by most payday lenders. Plus, repayments are spread over 52 weeks, making it easier for them to manage. Loan repayments are deducted directly from their MMCB account on a weekly basis – hassle-free!

Luton residents can borrow up to £700 with a fixed interest rate of just 33.5% APR, which beats the exorbitant rates charged by most payday lenders. Plus, repayments are spread over 52 weeks, making it easier for them to manage. Loan repayments are deducted directly from their MMCB account on a weekly basis – hassle-free!

Residents of Luton can get have access to the range of affordable and competitive loans, savings accounts and more just by depositing £10 to open an account at Money Matters Community Bank.

About Money Matters Community Bank

Money Matters Community Bank was launched in 1995, and over the years has merged with other like-minded organisations to offer banking services to the Bedfordshire and Hertfordshire areas. The aim was to benefit our community by creating an organisation which could offer a sustainable source of lending for individuals and businesses together with a safe home for savings. As a financial co-operative, we have over 3,800 customers who are members. By generating deposits from those members, a fund is created allowing us to lend to local people, including those vulnerable to high interest lenders such as payday or doorstop lenders and loan sharks.

Notes to editors

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