What is East London Credit Union?                             

East London Credit Union offers local loans, savings and banking.

In lots of ways, we work like a bank. We have a branch, we charge interest on our loans and we are covered by the Financial Services Compensation Scheme so your money is safe.

Unlike a bank, we’re owned by our members. Every member has an equal say in how East London Credit Union is run. At the end of the year, if the credit union does well, we’ll add some money to your savings. This is called dividend. How big your dividend is depends on how well we’ve done and how much you’ve saved. This year, our adult members received 1% and junior members got 3% of the money saved with us. That’s better than you can get from most high street banks.

 

read more