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Borrowing money and credit
Help and advice for borrowing money and credit.
Need help sorting your finances? For more free, expert money advice, visit the Barking and Dagenham Money (BD Money) website.
Sometimes we all need some extra help to get by or to pay for things that we cannot afford out of our regular income. There are certain types of credit or loans that we should all avoid because very high-interest rates mean paying back many more times what you have borrowed.
Loan sharks are illegal money lenders who often target low-income and desperate families. The Money Helper has very useful information and advice if you have borrowed money from a loan shark.
If you need to borrow money to pay off debt, or for special reasons like travelling abroad to see family there are a number of responsible organisations who will make sure you can repay the loan and where interest rates are much more affordable.
BD Money – In partnership with Leeds Credit Union
The London Borough of Barking and Dagenham is partnering with financial co-operative Leeds Credit Union to deliver BD Money – providing straightforward saving accounts and responsible loans to meet the needs of people living or working in the borough.
These affordable financial services sit alongside a range of financial support tools and guidance that can help anyone struggling with their money. Find out more at BD Money.
BD Money aims to help members become more financially resilient, keep more money in their pockets and access appropriate services to meet their financial needs and ambitions. While the Credit Union is based in Leeds, all their full range of services will be available to LBBD residents online, via their app and over the phone.
BD Money offers a great alternative to banks, building societies, credit cards and high street or doorstep lenders because it provides loans at lower interest rates.
Find more information on the range of services on offer and how to apply to become a member at BD Money.
Liberty Credit Union
The Liberty Credit Union is a local, community-based organisation that is a great alternative to banks, building societies, credit cards and high street or doorstep lenders because it provides loans at very low-interest rates.