Why do I need a bank account ?

A basic bank account is essential to access reasonably priced credit. Without a bank account you are limited to "cash loans" with repayments collected in cash from your doorstep. This type of borrowing is called "home credit".

Generally "home credit" loans can cost over £200 in interest on each £250 borrowed. East Lancs Moneyline and Moneyline Cymru collect your loan repayment from your bank account – either weekly,  fortnightly or monthly on a set date of your choice.

What if I do not have a bank account ?

We have an arrangement with Royal Bank of Scotland / Natwest Bank that means our staff can help you to open an account. You need proof of who you are and where you live. Commonly these could be a recent Benefit Agency Letter, a Tenancy Agreement or a Utility Bill for example. We will check and photo copy the documents for you and send them over to the bank. The account will normally then be up and running within 10 days.

To open a bank account contact your local branch today