Fear and Loaning – The Impact of Covid-19 on Affordable Credit Providers

This report is based on results from a rapid response survey undertaken by Community Finance Solutions at the University of Salford and Carnegie UK in May 2020, and highlights the impact that Covid-19 is having on affordable credit providers across England, Scotland and Wales. Over 60 Credit Unions and Community Development Finance Institutions (CDFIs) in England, Scotland and Wales took part in the study. They reported a decline in the number of people seeking loans; a reduction in the size of loans being sought; a rise in the number of customers seeking payment holidays on their loans; and an increase in saving deposits.