Affordable Credit App
A mobile app that will help the most vulnerable people access alternatives to high cost credit is being developed in the UK.
02:55 30 March 2020
Glasgow tech firm Soar has partnered with Capital Credit Union and Nivo, a Barclays spin-out software company, to design a mobile app that will make credit more accessible and affordable in the UK, especially for those who are financially vulnerable. The digital lending initiative, which has secured £200,000 from the UK government, follows a recent research showing that 82per cent of respondents believe that more can be done to ensure there are alternatives to high-cost lenders.
Soar’s founder and CEO, Andrew Duncan, said: “Our aim is also to ensure the technology developed for Capital can be rolled out across the UK to positively affect the lives of millions of people.”
John Glen, Economic Secretary to the Treasury, said: “The UK’s world-leading fintech sector has a huge role to play in helping the most vulnerable access alternatives to high cost credit.
“That’s why we set up the Affordable Credit Challenge, bringing together fintechs and community lenders to develop new, pioneering solutions to this challenge.”
Capital’s chief executive Marlene Shiels, said: “This is a game changer for us. Our partnership with Soar and Nivo has enabled our vision to become a reality.
“Very importantly it also gives us the opportunity to educate members and potential members on how to build financial resilience through savings and access to affordable credit.”