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Borrowing money and credit
Help and advice for borrowing money and credit.
Barking and Dagenham Money (BD Money)
Barking and Dagenham Money is a helpful resource for residents of Barking and Dagenham, offering a variety of services to help you manage your finances better. Whether you need advice on benefits, grants, budgeting, or dealing with debt, BD Money has you covered. You can use the benefits calculator to make sure you’re getting all the financial support you’re entitled to and apply for grants to help with things like energy bills, disabilities, and household items. The website also provides useful tips and tools to help you make your money go further.
One of the great features of BD Money is its partnership with Leeds Credit Union. This means you can access affordable loans and savings products, helping you avoid expensive payday loans and other high-cost borrowing options.
The website also offers guidance on managing debt, with links to trusted organisations that can provide professional advice and support. Overall, BD Money is a valuable resource for the community, offering practical solutions and support to help improve your financial well-being.
Leeds Credit Union
Leeds Credit Union have partnered with Barking and Dagenham Money to help provide straightforward and affordable financial services to people in Barking and Dagenham. Leeds Credit Union is open to everyone living or working in Barking and Dagenham and works towards helping support members with finding the most suitable credit options for them.
Leeds Credit Union is a not-for-profit financial cooperative serving the Barking & Dagenham community. It offers a range of financial services, including savings accounts, affordable loans up to £25,000, and budgeting advice.
As a community-based organisation, Leeds Credit Union dedicates itself to providing straightforward and accessible financial solutions to its members, helping them manage their finances effectively and achieve their financial goals. With a strong commitment to ethical practices and member support, the credit union plays a vital role in promoting financial well-being within the communities it serves.
What is a Credit union?
A credit union is a financial co-operative which provides savings, loans, and a range of services to its members.
Credit unions are member-owned organisations that prioritise providing the best services to their members over maximising profits.
People who join a credit union must belong to what is called a common bond. This could be that you reside in a specified area, you work for a particular employer or that you are a member of a club or association. Credit unions welcome everybody from within the common bond regardless of income, employment status or age. For example, this can mean living or working within a specific demographic area, such as Barking and Dagenham.
Benefits of a Credit Union include:
- an easy and convenient way to save and borrow money
- they provide low-cost financial services
- by keeping money within the community, a credit union can help revitalise the local economy.
Stop Loan Sharks - Supporting communities and tackling illegal money lending
Stop Loan Sharks is a national organisation dedicated to protecting communities from the harm caused by illegal money lending. They provide free, confidential advice and support to individuals who have been affected by loan sharks—illegal lenders who operate without proper authorisation and often exploit vulnerable people through threats, intimidation, and extortionate interest rates.
In addition to offering support, Stop Loan Sharks investigates and prosecutes illegal money lenders, helping to protect communities and bring offenders to justice. Their mission is to empower individuals to break free from illegal lenders and raise awareness about the dangers of loan sharks.
If you or someone you know has been affected by illegal money lending, Stop Loan Sharks is here to help. They offer confidential advice, practical support, and resources to help individuals recognise and avoid loan sharks.
The organisation also operates a reporting hotline for anyone with information about illegal money lenders. To report a loan shark in the strictest confidence, call 0300 555 2222 at any time day or night or complete the online form. For more information about their services or to access support, click on the link below.