Lendology 2022/23 Social Impact: Transformative Change Unveiled!

We are delighted to present the key highlights from Lendology Social Impact Report for 2022-2023, encapsulating a year that has been amongst the most financially volatile for households across the UK. As we navigate the challenges of the cost of living and energy crises, the insights from this report illuminate our commitment to transforming lives and homes. 

CEO’s Perspective: 

“While I am thrilled to share our Social Impact Report for 2022-2023, it’s fair to say that this has been one of the most volatile years for the finances of households across the UK. I think we have only just started to see the impact of the cost of living crisis, and the outlook for 2024 is bleak.” 

In response to these challenges, Lendology has actively engaged with Responsible Finance, supporting their initiative to raise awareness of the Community Development Financial Institution (CDFI) sector. Our collaboration aims to make Lendology the lender of first choice, not the last resort, emphasizing the need for financial inclusion to become more mainstream. 

Lendology stands out in the CDFI space due to our distinct focus on homeowner loans tailored for essential home repairs and energy efficiency measures. Emma Lower, our CEO, addresses a common question about the necessity of council-backed loan schemes for homeowners. With over 65% of households being owner-occupied in 2021-22 and financial exclusion rising, the demand for fair finance for homeowners becomes increasingly evident. 

“With the Bank of England anticipating ‘around four million households’ being ‘exposed to [mortgage] rate rises over 2023’, it’s clear that homeowner budgets are not going to get stronger any time soon. But when a boiler is broken, a roof is leaking, or windows are single glazed and hugely inefficient, a homeowner needs affordable finance to ensure a warm, safe, and dry home.” 

Team Support and Values: 

Beyond our lending focus, Emma emphasizes the importance of a supportive team. The Board of Directors at Lendology has been dedicated to ensuring our team feels safe, secure, and fairly rewarded. Our Community Impact Report sheds light on various team member schemes and incentives, showcasing our commitment to embedding our values across the organization. 

Key Achievements and Future Outlook: 

As we reflect on the year gone by, the report unveils significant achievements – from approving 218 loans, supporting 456 individuals to live in warm, safe homes, to generating £6.73 million worth of social impact. The financial well-being and health improvements reported by the households we support are tangible outcomes of our efforts. 

We invite you to explore the complete Lendology Social Impact Report, delving into the stories of transformation and the tangible impact on the lives of those we serve. Your feedback is invaluable, and we encourage you to reach out with any questions or discussions about potential partnerships or investments. 

Lendology remains steadfast in its mission to make a positive impact on homes and lives, even in the face of challenging times. Join us in celebrating the achievements of 2022-2023, a testament to the power of fair finance, community support, and a dedicated team.