Update on Affordable Credit
National Traveller MABS welcomes the news that the Department of Social Protection is supporting the introduction of "Low Cost Loans" for people at risk of becoming indebted to moneylenders.
National Traveller MABS has been calling for an end to financial exclusion for the past 16 years. It has worked closely with many organisations such as Clann Credo and various credit unions on projects to address financial exclusion. It has also produced policy papers to highlight the issue. It fully supports the 2013 submission by the CIB to the Minister for Social Protection which called for the need for a new financial model of micro lending to be made available to people who are financially excluded.
The need for personal micro credit or access to a micro loan fund for the most financially excluded is being championed not only by National Traveller MABS and the CIB but also by the Social Finance Foundation who are working closely with the CIB on progressing a framework on how such a scheme could operate.It is reported that these new cost loans will see loans being approved within an hour with just minor credit checks. To read more on this please follow link.