derbyloans … working with you
derbyloans is an independent community business, run by people from Derby. It was set up in response to the Council's poverty profile, which showed the need for affordable credit.
Most people need to borrow money at some time. derbyloans offers affordable loans to people who can’t get credit from a bank. In the past, many people turned to high cost lenders, because they felt that there was no alternative, but this can be expensive.
Example One
Rebecca borrowed £700 from a doorstep collection company. She signed a legal agreement to repay the money over 55 weeks. Including the interest, she owed the company £1,155. If Rebecca had borrowed the money from derbyloans over 12 months, she would owe just under £765 including interest.
Rebecca would have saved over £390 – that's around £7 a week.
Example Two
Mrs Riyat needed to buy a washing machine which cost £425. She signed an agreement to pay £6.77 each week for 3 years – a total of £1,056. If she had borrowed £425 over three years from derbyloans she would only have had to repay £543 – saving £513 or over £3 a week.
derbyloans is a business and it can only work with funding. Although the Council still helps, Derby Homes has recently donated some money to help make loans available to Derby Homes' tenants.
Get in touch with derbyloans if you:
- feel you are paying high interest on a loan
- need to borrow money
- want to start your own business
- have an idea to start a community business.
derbyloans will only lend money it believes will be repaid, but around half the people who contact derbyloans are offered a loan.
Please contact derbyloans on 01332 365550
or e-mail info@derbyloans.co.uk![#]()
to make an appointment.
You can also visit their website at www.derbyloans.co.uk![#]()
Please make an appointment before visiting