Member Article

Charity lends two millionth pound

A not for profit charity, set up to help those who may have suffered at the hands of pay day lenders, has loaned its two millionth pound.

Laura Briggs, 24, from Shipley in West Yorkshire, was the borrower who took County Durham based Smarterbuys Store to this milestone when she secured a new television and tumble drier trough the organisation’s website.

Established in 2013 to offer credit and provide new household goods to housing association tenants across the length and breadth of the country, it currently works with 14 housing providers and local authorities and has helped almost 3,000 customers.

A real alternative to companies such as Bright House, Buy as You View and Perfect Home, Smarterbuys can provide a far cheaper and more responsible credit alternative because of its not for profit charitable status.

For example, with Smarterbuys the interest rate is 24.19% - while well known pay day lenders can charge 66.9% on some ranges and even as much as 99% on others.

Therefore, it can be up to 40% cheaper to use Smarterbuys than other high street alternatives. And the interest which the company charges is ploughed back into providing more, reasonably priced goods and services to customers.

Laura Briggs said: “I needed a new TV and tumble drier and knew that I would have to buy these on finance. I found out about Smarterbuys through the local council’s website and after some research, realised it was a great option.

“The payments are smaller and much more manageable than other lenders and they were able to offer a good range of products at a better price and interest rate. It was a really quick and easy online process and I received a decision within a day - and my new household items shortly after.

“As an added bonus, a small proportion of each of my monthly repayments is put into a savings account, meaning I get a nice cash back surprise after I make my final payment! I’d certainly recommend Smarterbuys as a sensible way to buy essential items and avoid lenders with high charges.”

Vicky McCourt, Chief Executive with Smarterbuys said: “When cash can be really tight, people who are already financially struggling will often turn to incredibly expensive lending options. We can offer a real and much cheaper alternative. Our team will talk through people’s concerns and issues, giving honest and direct help and support.

“Lending our two millionth pound shows that awareness is growing but there are still a lot of people out there who are unaware that this option could be available. We have plans in place to start working with four more housing associations with a further 64,500 tenants.”

For more information about Smarterbuys Store and what it offers, visit the Smarterbuys website.

This was posted in Bdaily's Members' News section by Paul Dobbie .