Social Impact Report 2016
We are excited to announce the launch of our very first Social Impact Report.
Our mission is to offer an affordable alternative to high cost providers of credit on a sustainable basis, and by showing a profile of our average customer and the effect Street UK has had on their lives, the report demonstrates how this mission is achieved.
Here are the key findings:
- Financial support is not restricted to having a solely financial impact in the borrower’s life. 79% of our surveyed clients agree that getting a loan from Street UK had more than just a financial impact
- An individual’s previous credit history will not always be an accurate reflection of their ability to repay future loans. Over 70% of the people we lend to have a past default on their credit file, but over 90% of the loans we advance are repaid
- Short-term loans can be provided both online and on the high street for reasonable interest rates that cover the costs and associated risk of lending. Our online APR of 201% and our in-branch APR of 120% continue to under-cut other high-cost lenders
- Ethical lending can be sustainable if additional services are offered by finance companies. Our back office services business contribute to the Street UK Group’s overall sustainability
- Given these findings, it is necessary to protect those who are most vulnerable in society and to provide low income households with access to affordable finance without the risk of them falling into unmanageable volumes of debt
Download the full report here: Street UK – Social Impact Report 2016.