Fair Finance for L&Q residents

L&Q has teamed up with not-for-profit organisation Fair Finance for a responsible lending project aimed at residents in east London.

Fair Finance gives residents an alternative to pawn shops, doorstep lenders and loan sharks - who can charge astronomical interest rates - by offering affordable loans and help to open bank accounts.

Faisel Rahman, Managing Director of Fair Finance, said: "In the last three years we have leant over £1 million and helped thousands of people. Most of these people have been tenants of housing associations or local authorities, so we are really pleased to be working closely with L&Q to offer our service to many more people."

Gail Biggerstaff, Head of Neighbourhood Investment at L&Q, added: "Many of our residents can’t borrow money from High Street banks, particularly during the credit crunch, so instead they are forced to turn to expensive forms of credit. This means they end up paying a lot more for basic items like washing machines, cookers and even school uniforms.
"Ideally it’s best if people save before they spend, but if they do need to borrow we prefer to promote an affordable alternative by encouraging residents to approach Fair Finance instead."

Fair Finance is a not for profit business that invests 100% of its surplus back into the communities it serves. It has grown from one council estate in Stepney to now cover eight London boroughs with two offices.

For more information please contact Alkas Rahman at L&Q on 0844 406 9000 ext 7348 or email arahman@lqgroup.org.uk