Newham low interest rate loans from MoneyWorks

Families local to the London Borough of Newham that are seeking loans at an affordable interest rate may be potential clients of the MoneyWorks programme. This initiative was created by the council and the local credit union in an effort to provide families alternatives to payday lenders or other high cost sources of financing.

MoneyWorks is aimed at assisting families on a low income or those that are facing a crisis. The authorities also want to provide these loans to residents that are looking for help so they can transform their lives and end a cycle of poverty or homelessness.

The council and credit union backed loans can be used to pay for a variety of bills. There is financial aid for expenses such as rent to prevent homelessness, food for a child with special needs, funds to purchase a car, transportation to a job interview, and much more. The Life Changing Fund is also part of this programme, and that will cover bills that result from education or employment needs.

Newham families can not only get a source low cost funds, but other assistance is also provided to clients. They can use the MoneyWorks programme to get access to a number of other financial products. Whether it is free advice to rebuild credit or support on paying down debt arrears, this council programme will cover a number of financial barriers that are often faced by struggling households.

Uses of loans from Newham borough MoneyWorks

The Newham borough has a large number of ethnic groups. They also have more minorities than almost any other district in the UK. Some studies also show the rate of poverty is the second highest in the London area, and one of the highest in the UK. About 20% of is residents have falling behind on their monthly bills in the past, and almost 30% are in fuel poverty.

Many of these individuals do not have the financial knowledge, or even credit ratings, to access loans at an affordable rate. Not only that, but many of the ethic groups have also been pry to payday lenders. MoneyWorks is a strong alternative for these residents so they do not fall into a debt trap.

This programme will get residents in the the so called Mainstream Lending environment in the UK. Families can now turn to the local authorities in Newham for a loan and stay away from other high-priced lenders. The competitive interest rates, and the advice that is provided along with it, is a great alternative.

So if a family is struggling to feed their family, and have already used a food bank in Newham, then the funds can be used to pay for groceries or a parcel of food. It will also offer an option for tenants facing eviction, as this loan can help cover some of the rent arrears while the family works with the council on other long term options. With some many Newham households struggling with their electric bills, MoneyWorks can help with that expense as well.

The loans will offer an alternative to thousands of families in the borough. It can help them pay some of the bills listed above, but it also gives people more access to advice and affordable financial products. The money will be issued to them much more fairly than many other UK based lenders.

When a family takes out one of the loans from the Newham borough council, they will also have ongoing support. This means that if they have a struggling in making a monthly payment, they can get advice on options. Then, over time, if the loans are paid on time, the borrowers credit rating will slowly improve.

For more information on this low programme, or other financial advice, the customer care centre can be reached at 020 8430 2000.