Scotcash

About

Scotcash provides help with basic bank and credit union savings accounts, affordable loans, plus free money advice for Scotcash customers.

Story

Scotcash is a non-profit, social enterprise which was founded with support from organisations including Glasgow City Council and Glasgow Housing Association, in order to tackle financial exclusion. We provide affordable loans to those in Glasgow and the surrounding area, which are based on our customers’ current circumstances, and we do not lend more than they are able to pay back.

Working with the Royal Bank of Scotland, Virgin Money and Barclays has allowed us to open over 2,250 bank accounts since our inception, and working with many Credit Unions we have also opened 645 savings accounts.

Before Scotcash, those who could not borrow from more mainstream sources like banks and credit unions were left with only home credit lenders or buying things from rent-to-own retailers if they did not have money readily available – both of which can end up being very costly.

We have so far saved customers almost £5m in interest payments compared with high-cost lenders, and being a Community Interest Company means any profits go straight back into the business. Our customers also have access to advice on money, energy and benefits, in order to further aid them in taking control of their finances.

Scotcash CIC is authorised and regulated by the Financial Conduct Authority. Our FCA register number is 672746.