Preston Community Finance

Preston Community Finance (PCF) is a not-for-profit, ethical lender serving the Preston, UK area. It provides access to fair and affordable credit for individuals and families excluded from mainstream financial services. This exclusion often stems from low income, poor credit history, or unstable employment, leaving them vulnerable to predatory payday lenders and loan sharks.

PCF’s primary mission is to alleviate poverty and promote financial inclusion. They achieve this by offering small, manageable loans with reasonable interest rates and flexible repayment terms. Unlike commercial lenders, PCF prioritizes the financial well-being of its clients over profit. Loan decisions are made on an individual basis, taking into account a borrower’s unique circumstances and ability to repay.

Beyond lending, PCF offers free financial advice and support. This holistic approach empowers individuals to improve their financial literacy, manage their budgets effectively, and build a stronger financial foundation for the future. Their services include debt management advice, assistance with benefits applications, and guidance on saving and budgeting. This comprehensive support system helps borrowers not only access credit but also avoid future financial hardship.

PCF’s impact on the Preston community is significant. By providing a safe and affordable alternative to high-cost credit, they help individuals avoid spiraling debt, maintain their homes, and meet essential needs. Access to affordable credit can be life-changing, enabling people to afford repairs to their vehicles for work, cover unexpected expenses, or invest in education and training. This fosters economic stability and improves the quality of life for vulnerable residents.

PCF operates on a sustainable model, reinvesting its profits back into the community to expand its services and reach more individuals. They rely on a combination of loan repayments, grants, and donations to fund their operations. Their commitment to transparency and ethical lending practices has earned them the trust and respect of the community.

In conclusion, Preston Community Finance plays a crucial role in promoting financial inclusion and alleviating poverty in Preston. By offering fair and affordable loans, coupled with comprehensive financial advice and support, they empower individuals to build a better financial future and contribute to a stronger, more equitable community.