Friday, April 25, 2014

Giving Redbridge Credit


Liberty Credit Union is delighted to announce that we have been selected to deliver credit union services across Redbridge in 2014. We will be working with Redbridge council and community partners to deliver responsive affordable financial services to residents over the coming months.

Helping us to help our community. 
Liberty Credit Union is a not for profit savings & loans co-operative. Our membership is open to individuals and organisations across Redbridge, Barking & Dagenham and Havering. We promote financial resilience across our community. Our ethos is one of self-help – we encourage local residents to save whilst providing affordable loans to those that require financial help at times of needs. The credit unions’ unique ‘Saver Loan’ encourages all borrowers to build up savings as they repay their loan, reducing and ultimately eliminating the need to borrow over time. Our services are of particular help to the less wealthy people in our community which may find accessing affordable credit difficult.

For Savers: we offer a safe, secure investment through our savings account. We offer a competitive return. Any profit made by the credit union is recycled to our members by way of a dividend, our members are our shareholders. Our members know that any savings made with the credit union will directly benefit their friends and neighbours by providing affordable responsible credit within their community.
Is it safe? Deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS). Further information can be found at: http://www.fscs.org.uk/.
For Borrowers: we offer extremely competitive rates of interest and in many cases are cheaper than mainstream banks and financial institutions. We offer loan rates from 1% -2% per month (13 – 26% APR) on a reducing balance ie we only charge on the sum outstanding. We do not charge administrative or redemption fees for early repayment of loans.


Our loans are based upon our members ability to repay, as responsible lender, normally people save for a qualifying period and we offer loans based upon this savings history.

Our ethos: We actively seek solutions to provide assistance for those seeking finance. If necessary we make referrals to independent advice and specialist debt assistance where we are unable to assist or where additional loan finance is inappropriate.
Join us: Membership costs £1 and forms can be downloaded from our website. We require 2 forms of ID to set up an account. We will be hosting signing up events in Ilford shortly.
Promote us: If you require any further publicity or wish to be contacted via email regarding the development of Libety Credit Union in Redbridge please contact us at libertycu@btconnect.com marking the email Redbridge.
Talk to us: If you wish someone to address your community group or staff please get in touch. For Further Information: please contact us on 01708 741 899 or visit our website at www.lcu.org.uk

Liberty Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Financal Services Authority.
firm reference number 219796
Registered Office : Liberty Credit Union, Community House,19/21 Eastern Road, Romford RM 3NH

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