consumers money – an average of more than £ 300 with CDFIs compared to the alternatives available to them , Hadjimichael asserts . To be part of the organisation she represents , lenders must meet certain criteria : " Lenders must have a social purpose and asset lock written into their governing documents ; must be not-for-profit organisations ( in other words , distributing profit is not their primary objective ) or social enterprises ; must be able to demonstrate a positive contribution to community , economic and social development and the environment within communities or markets that are not adequately served by mainstream financial service providers ; be able to demonstrate accountability and transparency to stakeholders , target communities and customers ; and comply with the Responsible Finance Code of Practice ."
Research about Responsible Finance ' s membership It ' s not just about loans though ; responsible lenders can help customers out in other ways – and this can be the point of difference that sets them apart from faceless and unscrupulous mass lenders . Responsible Finance members Salad Money , Scotcash , and Moneyline have all pioneered an automatic benefits calculator that tells applicants if they have unclaimed benefits . This allows those eligible for government support to unlock extra cash , even if their application isn ' t successful .
“ Nearly 7 out of 10 applicants aren ' t claiming things like Universal Credit [ a government welfare programme in the UK ] and other benefits they ' re entitled to ,” Hadjimichael says . “ CDFIs have helped tens of thousands of people identify an average of
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