Soar is a winner in the Affordable Credit Challenge
by Laura Hillhouse, on March 18, 2020
We are delighted to have won the final stage of the Affordable Credit Challenge with our partners Capital Credit Union & Nivo.
We have spent the past few months working closely with our partners Capital Credit Union and Nivo to develop the first phase of our solution. We have been determined to reach this next stage and now that we have successfully made it, we can now inject the £200,000 cash prize awarded by HM Treasury, in partnership with Nesta Challenges, into developing our solution even further.
What is our solution?
Over 3 million people in the UK rely on payday lenders and loan sharks to make ends meet. The solution that we’re developing with Capital Credit Union and Nivo aims to tackle this. By using the latest and best in digital technology, we have been able to come up with a solution that will make credit unions more accessible to all. Our mobile app will make it so much easier for people to join and engage with their credit union whenever they need to and wherever they are. This is going to take the credit union directly to the member which means the much-needed services of a credit union become more accessible to new audiences – particularly younger people and the financially excluded. Our aim is that everyone is society have access to affordable credit as nobody should go without or have to fall victim to unfair interest rates. Along with Capital Credit Union and Nivo, we are working to make this a thing of the past and give anybody the opportunity to save or gain access to affordable credit when they need it the most.
The Affordable Credit Challenge has opened up new ways of thinking between community lenders and FinTech’s and this is something that is important for the future of not only the credit union market but the affordable lending space. Collaboration is key and by working together we can do so much more to tackle irresponsible lending.
We will be continuing to work with our partners to achieve the aim of the Affordable Credit Challenge which is to offer people an alternative to high cost lenders. This next phase of our project will not only be important for us but for the entire credit union industry as we offer them a solution that will transform the way their members can save and borrow with them.
We will, as always, keep you updated on our progress and if you want to talk to us more about what Soar are doing in the credit union market, please get in touch!
Read more about our Affordable Credit Challenge win: