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Partnerships key to end high cost credit

We both care deeply about improving financial inclusion and capability

The Alliance has been formed because both people and lenders need access to fair and affordable credit products, but these products are often lacking or elusive.

Similarly, the Inclusive Economy Partnership is working to provide the financially ‘underserved’ with the tools and capabilities to access and interact with fair financial products. We are aiming to help individuals manage problematic or persistent debt, to gain access to affordable credit options, and to create a savings buffer as part of healthy day-to-day budgeting.

We both believe in the power of collaboration to drive change

Both the IEP and the Alliance believe that collaboration is key to driving real change. We both believe that building coalitions, engaging each other’s strengths, using shared resources, and harnessing the power of collective action will drive the most far-reaching and sustainable social change.

The Alliance aims to bring together lenders and organisations who have a role to play in creating and promoting more affordable ways of borrowing money.

Similarly, the IEP is a group of businesses and civil society leaders who have committed to working together to tackle societal challenges for low to middle income families across three challenge areas - financial inclusion and capability, mental health and transition to work for young people.

We both believe in the importance of backing new ideas

Nesta’s role in the IEP has been to identify organisations doing great work in the challenge areas and to support them to amplify and scale their work. We are working with our Grant Winners in the area of financial inclusion - Credit Kudos , Just Finance Foundation, Neyber, We Are Digital and Money A&E, Settle Support - who are all doing fantastic work in different ways to increase the supply of fair and affordable finance and financial services.

Similarly, the Alliance has been created to support current ideas and back new ones. The Alliance is actively promoting awareness about not-for-profit loan organisations like Moneyline, Scotcash, and Street UK and is actively looking to invest in fair providers of finance, instead of the high cost credit competitors.

We are both headed up by an Emmy-and-Bafta-Award winning actor

Ok. That’s not true. Only the founder of the Alliance, Michael Sheen, can make that claim.

We are working together to drive change

For all of the above reasons, the IEP is an official Alliance Observer in the End High Cost Credit Alliance, and we are working together wherever possible to amplify our voice and impact.

We will be joining forces in a very tangible way on June 25, when Nesta will host an Alternative Credit showcase with the Alliance at our offices. The event will focus on how the Alliance can support alternatives to high-cost credit.

If you would like to get involved in the work of either (or both) the Alliance or the IEP, we’d love to hear from you - comment below, or email us at [email protected]

Author

Kate Sutton

Kate Sutton

Kate Sutton

Head of Corporate Social Innovation

Kate is responsible for managing Nesta's Corporate Social Innovation and Inclusive Growth work

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