Access to affordable lending through Barking and Dagenham Money’s (BD Money) partnership with Leeds Credit Union has supported residents who may have otherwise used an unreliable high-cost lender or loan shark.  

Households across the borough have saved an estimated £22,000 in interest since the partnership launched in October 2022.   

Working with Leeds Credit Union, the council is committed to helping residents keep more money in their pockets through a range of trusted services.  

Over £100,000 in affordable loans have so far been given to residents of the borough. Amongst the products available are a range of savings accounts and low-cost loans. So far, 81% of loan applications have been granted to those who would have struggled to access affordable lending otherwise.  

Products include a family loan product which supports residents regardless of their credit score, subject to affordability.  

Councillor Saima Ashraf, Deputy Leader and Cabinet Member for Community Leadership and Engagement, said: “With the ongoing cost of living pressures facing many in the borough, I’m proud we’ve established this partnership with Leeds Credit Union.

“For residents who are exploring borrowing, we must ensure there’s an affordable option on the table when it comes to taking out a loan.  

“Residents are also reminded there is a range of money help and advice available which can be accessed on the Council’s website or in person at Community Hubs and partner buildings across the borough.” 

There is also range of money support tools available on BD Money, such as a benefits calculator, a debt test, and budgeting tools. For more information, including loan and savings products, visit www.bdmoney.org.uk.  

For support with the cost of living, visit https://www.lbbd.gov.uk/cost-living-support