Fear and Loaning – The Impact of Covid-19 on affordable credit providers serving financially vulnerable customers
Author: Carnegie UK Trust and Community Finance Solutions, University of Salford
This report is based on results from a rapid response survey undertaken by Community Finance Solutions at the University of Salford and the Carnegie UK Trust in May 2020, and highlights the impact that Covid-19 is having on affordable credit providers across England, Scotland and Wales.
Over 60 Credit Unions and Community Development Finance Institutions (CDFIs) in England, Scotland and Wales took part in the study. They reported a decline in the number of people seeking loans; a reduction in the size of loans being sought; a rise in the number of customers seeking payment holidays on their loans; and an increase in saving deposits.
This research shows that these providers are themselves vulnerable to the pandemic. It will be essential that the affordable credit sector is supported to sustain and scale during this challenging period, so that it is able to support families and communities in the months ahead.
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