Banks are being urged to offer their services to consumers who are excluded from using their services, with around 7 million consumers currently without access to credit cards, overdrafts or loans.
The Better Banking campaign, a body of charities and local groups, has called for banks to offer credit to those excluded to prevent them having to resort to payday loans or home credit loans, both of which carry high levels of interest which could lead to debt problems.
Figures from the Treasury have shown that 1.75 million people in the UK do not even have access to a standard bank account.
A spokesman for the Better Banking campaign, Steve Wyler, said that it was "deplorable" that lenders were not supporting the financial needs of people and businesses that needed it the most, especially as many of them have been supported by money from the taxpayers during the recession.
“Most people believe access to bank accounts and affordable credit are basic rights, so we want to see this as a priority for all the political parties," he said.
People with no bank account, a poor credit rating or no penalty payment charges are all reasons why people are unable to get access to credit options. Many then seek credit from alternative sources such as payday loans or even illegal loan sharks, and end up paying extremely high rates of interest.
The Better Banking Campaign said the "sky-high" interest can be up to 2,500% a year on some loans.
The campaign is also calling for lenders to offer incentives and obligations in order to be able to give people access to credit and is also calling for a cap on interest rates to stop people being charged too much interest.
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