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Credit unions
A credit union is a financial co-operative which provides savings, loans, and a range of services to its members.
Credit unions are owned by their members and aim is to provide the best services to them rather than working towards maximising on 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.
Some of the benefits of a credit union are:
- it is an easy and convenient way to save and borrow money
- they offer very low-cost loans
- they provide insurance at no direct cost
- loans to members can mean income for local shops and businesses
- a credit union can help to revive the local economy by keeping money in the community
BD Money – In partnership with Leeds Credit Union
Barking and Dagenham Money (BD Money) have partnered with Leeds Credit Union 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.
BD Money aims to provide financial solutions tailored for individual circumstances and is better alternative to pay day loans and doorstep lenders.
The main aims of the partnership are:
- to provide financial support to the local community
- to provide credit options to members at low rates of interest
- to provide members with help and support on managing their financial affairs
You can visit the BD Money website to find out more about the range of low-cost loans on offer and how to become a member.
Liberty Credit Union
Liberty Credit Union is a financial organisation that encourages its members to save and borrow responsibly. It is a good alternative to banks, building societies and high interest loan providers. It offers low-cost finance with a community ethos.
Liberty Credit Union has branches in Barking and Romford, where you can access your money. Alternatively register online, to check balances, view statements and transfer money.