Leeds Credit Union has lent more than £500,000 to people living and working in Barking and Dagenham, it has announced.

Since launching its services in Barking and Dagenham in 2022, Leeds Credit Union (LCU) has welcomed over 1,200 members who live or work in the borough, empowering them by providing access to low-interest borrowing and savings options tailored to their needs. 

By prioritising fair and transparent lending practices, the credit union estimates it has saved residents approximately £946,000 in high-interest repayments compared to borrowing from loan sharks and other unscrupulous lenders.

Loan sharks and payday lenders often prey on individuals facing financial difficulty, charging exorbitant rates that can quickly spiral out of control and result in even more debt for the borrower.

Commenting on this achievement, Councillor Saima Ashraf, Deputy Leader and Cabinet Member for Community Leadership and Engagement, said: “This just goes to show how important our partnership is with Leeds Credit Union. In the backdrop of increased living costs teamed with the dangers of loan sharks, it means that residents who are exploring borrowing have peace of mind with a safe, trusted option on the table. 

“I also encourage Barking and Dagenham residents to explore the range of support available on the Council’s website.”

Leeds Credit Union's Head of Member Services, Greg Potter, added: "We are incredibly proud to see how our services in Barking and Dagenham have grown and positively impacted the lives of so many people. 

"This milestone is more than just a financial figure; it represents meaningful support for thousands of individuals and families in the community. Together, we’ve not only helped members avoid financial hardship, but also supported them on a journey toward greater financial security and independence."

Leeds Credit Union’s presence in Barking and Dagenham is part of the organisation’s ongoing mission to foster financial inclusion across underserved communities. By offering ethical and affordable borrowing options and encouraging healthy saving habits, the credit union helps members take control of their finances while avoiding the pitfalls of predatory lenders.

Anyone who lives, works or is associated with an employer or housing provider in Barking and Dagenham can become an LCU member. Membership benefits include access to savings accounts, affordable loan products and budgeting tools and guidance.

For more information or to learn how you can join Leeds Credit Union, visit: www.leedscreditunion.co.uk