News

Council funds new credit union
12 May 2014

Residents and businesses across Redbridge have the chance to save and borrow responsibly with a new credit union after it was launched on Tuesday 1 April.

Liberty Credit Union, which already operates in Havering and Barking and Dagenham, will now extend its services to Redbridge residents and local workers.

Credit unions are regulated, not for profit organisations that provide alternative savings and loan services. Their advantages include:

• Mutual and ethical savings - you can choose to save as little or as much as you can afford
• Affordable loans - products suited to your individual needs
• Run by you, for you – members of credit unions control their own finances and have a say in how it is run
• Puts you first – listens to your needs and develops the products and services that you want

Councillor Keith Prince, Leader of the Council and Cabinet Member for Finance, said, "We’re delighted to have a credit union up and running in Redbridge to be able to give local people, businesses and organisations the chance to access competitive savings accounts and affordable loans.

"We know that times have been tough the last few years and through the grant we have approved of £50,000, the Council has taken another important step to increase financial help and support”

Ryland Perrin, from Liberty Credit Union, said, "We’re honoured that we have been selected to deliver credit union services across Redbridge. We will be working with the Council and community partners to deliver responsive affordable financial services to residents over the coming months.

"We believe in self-help and we encourage local residents to save whilst providing affordable loans to those that require financial help at times of need. We also offer free information and support when needed and a host of other products we’re sure will be attractive to those living in Redbridge. We will be hosting signing up events shortly.”

Membership to Liberty Credit Union costs just £1. If you’re interested in joining, more information is available on the Council’s website Redbridge i - www.redbridge.gov.uk or visit Liberty Credit Union at www.lcu.org.uk.

More on the web: Liberty Credit Union

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