A credit union has entered a partnership with Redbridge Council to offer cheap loans and financial advice.
Liberty Credit Union launched online services on Tuesday and is searching for premises in the borough after receiving a £50,000 grant from the authority.
It is the first community credit union to be set up in Redbridge.
Membership of the not-for-profit organisation costs £1 and enables residents to access low interest loans and help with general finances.
Credit Unions aim to offer an alternative to high cost pay day lenders, which critics claim cause widespread financial problems - a claim denied by the industry.
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."
The union already operates in Havering, Barking and Dagenham.