Aims to help credit invisible customers build their financial futures
IN BRIEF:
Zilch is launching a new product to help people typically excluded from mainstream credit build their financial profiles
Five million people in the UK categorised as ‘credit invisible’
Zilch Up will provide these five million people with the tools to boost their credit score and in turn increase their credit limit.
What does this mean?
“We need to strengthen the protections for consumers and increase access to interest-free and affordable credit — particularly now when the cost of living continues to hurt,” Zilch co-founder and CEO Philip Belamant said. “For too long millions of people in the UK have had to struggle with limited or no access to credit due to thin and weak files. In a digital finance world, this is causing them the stress and crippling pain of funding unaffordable high-interest costs plus the danger of hard-to-understand late fees, merely to access credit.”
