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Street UK expands online services

Street UK expands online services

Lender Street UK has expanded its online services to reach borrowers in London and Manchester.

The not-for-profit social enterprise already serves borrowers across the West Midlands via its high street branches and through its website, which launched in April this year.

The move comes ahead of a potential nationwide roll out over the next 12 to 18 months.

Martin Hockly, CEO of Street UK, said: “After 16 years of Street UK’s operations in the West Midlands, we have demonstrated time and time again that it is possible to lend fairly to individuals who otherwise find it difficult to obtain credit.

“It is now time to make an even greater impact by increasing access to our online services starting with London and Manchester.”

Street UK claims to lend at a lower APR than the maximum rate cap imposed by the Financial Conduct Authority (FCA).

The company also offers financial education for customers, as well as providing transparent pricing and sustainable repayment terms.

The expansion comes just months after Street UK’s acquisition of the My Home Finance scheme in June, and will be offered to borrowers with London or Manchester postcodes.

Founded in 2000, Street UK has currently approved more than 31,000 loans worth over £15m.

The platform was developed in collaboration with London-based charity St Martin’s Partnership, alongside backing from Barrow Cadbury Trust, Esmée Fairbairn Foundation and Big Issue Invest.

Rev Philip Krinks, chairman of St Martin’s Partnership, added: “[Street UK’s] launch of Britain’s first online social enterprise lending service is a key milestone for the UK financial inclusion sector.

“The FCA’s cap on the cost of loans, in response to the call of faith and other civil society groups, was a necessary response to the threat of predatory payday lending.

“Street UK’s online service will enable many more people to access its fairly priced loans, and prevent them from going to commercial lenders, loan sharks and doorstep lenders.”

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