East London Credit Union

Ogólne informacje

So what is a Credit Union? It’s a non-profit, ethical savings and loans cooperative, available to all local people. We provide stable financial services to all: secure savings, affordable loans, free life assurance and a wide range of volunteer placements for motivated people with regular time to give. “You guys have saved my life. If it wasn’t for you I would be in a mortuary by now. I’ve got my confidence back, my blood pressure is down and people have commented on the improvement in my appearance and attitude.” These are the words of one of our longest-standing members. She goes on: “Before I came to the credit union, I didn’t dare open my mail, I couldn’t save a penny, I didn’t even know how much money I was getting. Now I can budget and save, my debts are non-existent. I even managed to go on holiday and pay for my grand-daughter’s christening.” This is not an isolated story. Every day at the Credit Union, we are helping people to get their finances back on track and get their lives back together. How does it work? Essentially, members’ savings enable us to, make low-cost loans to people who want and can afford to repay them.We charge a reasonable rate of interest (never more than 2% per month) and the money raised by this goes towards our running costs. Any surplus is paid out to members as a dividend. We are authorised and regulated by the Financial Services Authority so the money is guaranteed and 100% safe! Who runs it? The Management Committee (or Board) is made...