Leeds Credit Union announces expansion into London to help ease cost of living crisis
The credit union now provides its range of savings accounts and loans to the borough’s 200,000 residents and employees.
In a statement, the credit union said: “A Barking and Dagenham Council commissioned report from 2020 showed that at least 6,000 households in the borough were borrowing more than 20,000 subprime loans, totalling more than £9.4m every year, and paying back £7.3m in extortionate interest and fees.
"Following a competitive procurement process, LCU was selected ahead of other providers to deliver its services to the borough and help support the people who live there as the ongoing cost of living crisis continues to grip homes in the area.”
Paul Kaye, the CEO at Leeds Credit Union, said: “Leeds Credit Union is excited to be working with Barking and Dagenham Council on this initiative to offer our great range of savings and loans to support the residents of the borough.
“We already offer our services to more than 35,000 members, helping them access savings accounts to assist with budgeting plus a variety of loans. This could be anything from a small, short-term need of £500 to larger long-term requirements of up to £25,000 for anything from a car repair through to Debt Consolidation and Family Loans.
"As a mutual organisation we offer fair and ethical products for the benefit of all our members.”
Coun Saima Ashraf, Deputy Leader of Barking and Dagenham Council and Cabinet Member for Community Engagement and Leadership, said: “Times are really tough right now and we’re doing all we can to support residents."