Jessica Luper 10 August 2015

One-stop finance shop opened by Sheffield Council

One-stop finance shop opened by Sheffield Council image

Sheffield City Council has become the first in the country to open a one-stop-money shop to help residents avoid payday and high interest lenders.

Sheffield Money opened its doors today, having been set up by city leaders who joined forces to provide people with a new way to access affordable credit, with lower cost loans and finance.

The project is the outcome of Sheffield Fairness Commission’s plans to help the city’s 50,000 residents who are borrowing an average of £800 each at extremely high interest rates (sometimes thousands of percent APR), sometimes causing debts to spiral out of control.

Operating as a broker service, the not-for-profit business brings together a range of responsible companies providing access to loans, credit for white goods, savings and bank accounts together with independent money and debt advice, all under the Sheffield Money brand. This allows residents access to a range of products that might have otherwise not been available to them.

Leader of Sheffield City Council, cllr Julie Dore, said: ‘Payday and doorstep lenders have been ripping off and exploiting people most in need of credit, especially some of the most vulnerable people in our city, preying on their need for available credit and charging extortionate interest rates.

‘People need a real alternative which will stop them being forced to go to these notorious lenders. That is why we have worked hard to create a new, ethical and affordable credit option by starting Sheffield Money.

‘We need to stand up for people in Sheffield and Sheffield Money will send the message loud and clear that there is now a more ethical and affordable option available in our city.’

Rev Peter Bradley, dean of Sheffield Cathedral and chairman of Sheffield Money, said: ‘Sheffield Money is a bold and innovative solution to the problem of high-cost credit in our city.

‘More people are struggling to make ends meet and for many, trapped in a cycle of borrowing more to cover extortionate loan repayments, this becomes a living nightmare.

‘We have set up Sheffield Money to provide an alternative to this. It’s been remarkable to see the whole city come together to set it up and I’m very proud that Sheffield Money has been created by Sheffield people for Sheffield people.’

Supporting young victims of domestic abuse image

Supporting young victims of domestic abuse

Steph Waddell says it’s time for a serious long-term commitment from government to improve understanding of what works in supporting children affected by domestic abuse.
For your free daily news bulletin
Highways jobs

Information Governance Lead

Greater Manchester Combined Authority
£41,881 - £45,859
We are recruiting for Information Governance professionals who will be ambassadors of information governance excellence within... Greater Manchester
Recuriter: Greater Manchester Combined Authority

Security Analyst

Essex County Council
Up to £45597 per annum
Security Analyst Permanent, Full Time £41,000 to £45,597 per annum Location
Recuriter: Essex County Council

Regulatory Compliance Lead - Complaints and Compliance

Essex County Council
£34501 - £36501 per annum
Regulatory Compliance Lead - Complaints and Compliance Permanent, Full Time £32,900 to £36,501 per annum Location
Recuriter: Essex County Council

Social Worker - Recruitment Day

Essex County Council
£32065 - £43839 per annum
***When applying for this role, please note that interviews will be held as part of a Virtual Recruitment Day on the 13th July 2021*** About the Role England, Essex, Harlow
Recuriter: Essex County Council

Quantity Surveyor Procurement (Major Works and Refurbishment)

Brent Council
£46,839 - £49,827 p.a. inc.
An exciting opportunity to provide quantity surveying services and support for the Council’s Housing major works refurbishment projects. Brent, London (Greater)
Recuriter: Brent Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue