Lendology CIC is a social enterprise providing council-funded loans to homeowners for home repairs and improvements. As a social enterprise, there are no shareholders to pay dividends or profit to. Any profits are re-invested into the organisation to benefit the communities they serve.
Pre-Covid, Lendology delivered all of their financial assessments within the comfort of people’s homes across the South West. It became clear that this was not going to be feasible during lockdown, and the team quickly adjusted their application process to ensure they could continue to offer low cost loans to keep people warm, safe and secure in their homes. A telephone application process was devised to ensure they could provide the same great service whilst keeping clients and team members safe. This has become even more important now that many of us are spending more and more time within our homes and this looks set to continue into the near future.
In addition, it was vital that they reassured existing loan clients that their team of expert advisers were on hand to provide support if their financial circumstances changed due to the crisis. Even before the pandemic, Lendology were able to provide a range of solutions for clients experiencing financial hardship, or a change in circumstances which meant they would struggle to manage their loan repayments.
At the start of the Covid crisis, Lendology extended their solutions to include the ability to temporarily freeze the interest on loan accounts and postpone monthly repayments to take the pressure off until the situation improves. To date, only 2% of clients have needed to make use of the payment break option. Lendology credit this to the thoroughness of their initial financial assessments undertaken with clients and the range of loan products available to meet client needs, both at the time of the assessment and into the future.
Over the past 15 years, Lendology (previously trading as Wessex Resolutions CIC) has helped thousands of people throughout the South West by lending over £15.7 million to homeowners to carry out essential repairs. In the last year alone, they have lent over £1.6million to improve housing conditions for over 450 people across the South West.
Watch the video below to find out more about Lendology CIC.