City council takes the battle to payday lenders - by offering loans of its own

In an innovative move said to be worth £20m a year to Sheffield's poorest residents, the local authority is offering an alternative to the likes of Wonga and Provident Financial The city of Sheffield will, on Monday, launch a range of loans for hard-up residents in a fightback against high-interest deals from Provident Financial, Brighthouse and Wonga. The move, it claims, will save its poorest residents £20m in one year alone. The new financial services brand, called Sheffield Money, is suppo...