Finance: Business is booming for East London ethical lender

Mathew Little

Ethical lender Fair Finance has approved its 100th loan since its launch in April.

The East London social enterprise, which offers an alternative to moneylenders and loan sharks, has authorised loans totalling £180,000 for personal and business use. Personal loans of up to £2,000 are repaid at 21 per cent interest and business loans of up to £7,000 have an interest rate of 19 per cent.

"Since we opened our doors, the demand for our services has been phenomenal," said Faisel Rahman, managing director of Fair Finance. "The first loan we approved was for someone to consolidate debts on which the person was paying 500 per cent interest. The two loans we approved today were to help a single mother buy her children presents and for someone to expand their vegetable wholesale business."

Fair Finance has also helped more than 200 people to open bank accounts and provided money and debt advice to local residents.

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