Liberty Credit Union offers cheaper alternative to high-cost payday lenders in Redbridge

Councils funds credit union

Councils funds credit union

First published in News
Last updated
East London and West Essex Guardian Series: Photograph of the Author by , Reporter - Waltham Forest

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.

Comments (1)

Please log in to enable comment sorting

10:46am Fri 4 Apr 14

Villagecranberry says...

Brilliant, the lip service becomes word.
Brilliant, the lip service becomes word. Villagecranberry
  • Score: -5

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree