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30 August 2013

Moneyline Cymru expands to include Swansea

On Monday September 2nd, Moneyline Swansea will open for business. Part of Moneyline Cymru, the outlet at 225 Oxford Street, will provide affordable loans and money advice to people traditionally ignored by mainstream lenders. Moneyline Cymru is a leading not for profit social enterprise working in partnership with Community Housing Cymru providing access to more affordable financial products for low income families. Moneyline Swansea is the seventh Moneyline outlet to open in Wales in addition to Moneyline Merthyr Tydfil, Cardiff, Pontypridd, Cwmbran, Bridgend and Newport.

Since Moneyline Cymru was founded in 2009:

  • Moneyline Cymru has loaned out over £7.4 million
  • Approved over 16,500 customer loans
  • Over 80% of new customers open savings accounts
  • To date over 6,100 savings accounts have been opened
  • £1m of lending achieved in Bridgend (all of the original 5 offices have now achieved this)
  • Our customers have collectively deposited over £1.2million into their savings accounts

With the help of the 'Your Benefits are Changing' money advisors - as of April 2013

o 449 have completed Warm Home Discount applications, enabling them to receive over £63,000 in electric rebates
o 233 have been accepted to the Dwr Cymru Water Assist tariff, this has reduced their annual water bill by over 50%. A total saving of over £57,000
o 382 customers have been accepted to Dwr Cymru’s Customer Assistance Fund, if they continue to pay their current annual bill all previous debt will be written off. If customers complete the year of payments then a total of £507,000 will be written off
o £1.75m of unclaimed welfare benefits have been identified by using a benefits calculator.

In a recent article in the South Wales Evening Post 'No place for payday loans companies to operate in Swansea', the cabinet member for children and young people, Cllr Mitchell Theaker stressed there had to be viable alternative to payday loans and cited Moneyline Cymru as a 'better option'.

Read more on the story here: http://www.thisissouthwales.co.uk/place-payday-loans-companies-operate-city/story-19728174-detail/story.html#ixzz2dRlOiVBr

Moneyline Swansea will be managed by Ceri Hart,who has worked for Moneyline Cymru for three years. Ceri will bring a wealth of knowledge and experience to the role, in particular an understanding of Moneyline customer base and their needs and is keen to build strong working relationships with partners in Swansea. Ceri can be contacted on [email protected]

The outlet will be staffed Monday through to Friday 9:00am till 4:30pm.