In February 2012, Katrina contacted Five Lamps to apply for a personal loan as she was going through a difficult time financially.
She had split from her partner some years earlier, leading to her house being repossessed. Katrina is a single parent who also works part time and she was unable to obtain affordable credit from her bank.
Vince Rogers, Five Lamps’ Loan Officer met with Katrina and established that she was looking to clear a Payday loan of £400, which was being charged at an APR of over 1300%. There was some urgency in the request, as a late payment would involve additional charges.
Despite time pressures we were able to complete the paperwork required to clear the loan quickly, which was a big relief to Katrina who said
“A big thank you for all the help and support I received during a difficult time. The speed and ease of the service you provided was fantastic. I would recommend Five Lamps to anyone in need of help”
Five Lamps provides affordable personal loans to people who are financially excluded. Since 2007, Five Lamps have issued over 26,000 personal loans; over £9million has been responsibly lent to help people become more financially included.