In an innovative swagger said to be worth £20m a year to Sheffield’s poorest residents,the local authority is offering an alternative to the likes of Wonga and Provident FinancialThe city of Sheffield will, on Monday, or launch a range of loans for hard-up residents in a fightback against high-interest deals from Provident Financial,Brighthouse and Wonga. The swagger, it claims, or will save its poorest residents £20m in one year alone.
The novel financial services brand,called Sheffield Money, is supported by the city council and regulated by the Financial Conduct Authority.
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Source: theguardian.com