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Michael Sheen talks about the impact of Moneyline

Michael Sheen with blonde hair, wearing a black jacket over a red and back checked shirt, sits in cinema seating, smiling.

Michael Sheen presented a video for the annual Social Impact Report of social enterprise and not-for-profit responsible lender Moneyline. The full report can be read on their website, moneyline-uk.com

Michael supports Moneyline as part of his work on the End High Cost Credit Alliance.

View English transcript

Russian transcript kindly provided by @EvaOwsen

View Russian transcript

Here is the video explaining APR that Michael mentions (from 2018):

Transcript:

It’s a pretty common scene, two friends in a bar on a Friday night. One tells the other, he’s a bit short of cash. Could be lots of reasons. And his mate asks “how much?” “about £75?” says the one who’s needing the money. So the other guy says, “I’ll lend you £75, pay me back next Friday, and buy me a pint.”
So, the guy who borrows the money returns to the pub the following week, pays back the £75, and buys his mate a pint. It costs £4.20.
£4.20, on £75, for 7 days. Total cost of credit is effectively £79.20. The APR on that transaction is 1614% APR. But it’s £4.20 and £75.
APRs are good when deciding between long-term loan products like mortgages. On short-term, small sum credit? They’re much misunderstood.

The Carnegie UK Trust report on affordable credit: www.carnegieuktrust.org.uk/publications/gateway-affordable-credit/


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