Access to affordable lending through Barking and Dagenham Money’s (BD Money) partnership with Leeds Credit Union has supported residents who may have otherwise used an unreliable high-cost lender or loan shark.  

Households across the borough have saved an estimated £62,500 in interest since the partnership launched in October 2022

Working with Leeds Credit Union, the council is committed to helping residents keep more money in their pockets through a range of trusted services.  

Over £250,000 in affordable loans have so far been given to residents of the borough. Amongst the products available are a range of savings accounts and low-cost loans. 

Products also include a Family Loan which aims to support residents regardless of their credit score, subject to affordability. So far, 95% of loan applications have been granted to those who would have struggled to access affordable lending otherwise, with an average loan saving of £680 in interest compared to other subprime lenders. 

Councillor Saima Ashraf, Deputy Leader and Cabinet Member for Community Leadership and Engagement, said: “With the ongoing cost of living pressures, this much needed partnership with Leeds Credit Union means that residents who are exploring borrowing have peace of mind with a safe, trusted option on the table. 

“I also encourage residents to explore the range of cost of living support available on the Council’s website and in person at local Community Hubs.”

There is also range of money support tools available on BD Money, such as a benefits calculator, a debt test, and budgeting tools. For more information, including loan and savings products, visit www.bdmoney.co.uk    

For support with the cost of living, visit https://www.lbbd.gov.uk/cost-living-support