How can a credit union help you?

Instead of confusing jargon, think comfy sofa and a cup of tea. A credit union is a friendly, straightforward financial provider with our members at the heart of what we do. That means what matters is you, not how much profit we make.

A credit union is there for you with flexible, approachable financial services, whether it's for personal loans and savings, or business loans and services.  Our only shareholders are our members, which means you - and your community - are in control.

A credit union believes in local community - the savings you put in act as the loan for someone else, so your money never leaves the community. Every penny is used to benefit you. That doesn’t mean less security though - you’re protected by the Financial Services Compensation Scheme (FSCS), so you know your money is safe.

Your East London Credit Union

Savings, loans and business services tailored to you.

We’re here for a more flexible alternative to your usual way of banking. But our members are in control - we exist solely for you.

We provide a secure place to save like you’re used to and, if you need a hop up the ladder for some home improvements, we offer flexible loans with sensible repayments. You’ll be covered by the Financial Services Compensation Scheme and we’ll look after you, never offering anything you can’t afford. And if we generate surplus, that money goes straight back to you and your savings. Last year, our adult members received 1% whilst our junior savers received 3%. Sounds pretty inviting, doesn’t it?

What are the benefits of joining East London Credit Union?

Access savings & apply for loans whilst helping your local community

Being part of East London Credit Union doesn’t only mean high returns on savings and low rates on loans. You’ll be helping out people just like you and you’ll be helped in return. We only lend money to our members - people who live, work, study and worship here. And in return, you only borrow money from the same people.

That means, the money stays in your local community and you help local shops and businesses grow.

  • Secure savings with access when you need it
  • Help support East London businesses
  • Quick & easy loan application with fast decisions
  • Manage your account(s) online or on our mobile app
  • Every penny saved benefits our members

Are you eligible to join East London Credit Union?

Find out about our 'Common bond'

Membership of East London Credit Union is available to everyone who lives, works, studies or worships in the borough:

  • Waltham Forest
  • Harringey
  • Redbridge
  • Enfield
  • Newham
  • Hackney
  • Epping Forest District

To see if you are eligible to join us, please see our common bond criteria.
To join us, you need to apply for an account.  You can apply online for loans or savings accounts, or business loans and services.

Interested in joining us?

We would be delighted to welcome you to our credit union.  Find out more about eligibility requirements.
Read more about our 'Common Bond'

Ways to bank

Banking that’s convenient for you

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Online

Use our quick & easy online service

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Telephone

Call us on 020 8520 8740

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In branch

Visit us at 72-74 High St, Walthamstow, E17 7LD

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Mobile app

Manage your account on-the-go

How we protect your money

Just like your high street banks and building societies, the money you deposit into your credit union account, up to £85,000, is protected under the Financial Services Compensation Scheme (FSCS). If you have a joint account you will be protected for £85,000 each.

FSCS protection is free to customers, so if anything happens to your bank, building society or credit union, and you cannot access your money, the FSCS will refund you up to the amount of £85,000.

For more information on how we protect your money please click here

We're Social

East London Credit Union Limited t/a Waltham Forest Community Credit Union (“the Credit Union”)(in Administration)

Unfortunately, the Credit Union went into Administration on 11 September 2019 and the branch office will be
closing down within the next few weeks.

Stephen Cork of Cork Gully LLP, 6 Snow Hill, London, EC1A 2AY was appointed Administrator of the Credit
Union. The Administrator is working closely with the Credit Union’s Regulators, to ensure that the Credit Union’s
affairs are wound up as efficiently and quickly as possible.

The Credit Union is no longer able to offer any accounts to members and the Financial Services Compensation
Scheme (“FSCS”) declared the Credit Union in default on 11 September 2019. You will need to open a new
account with another credit union or bank as soon as possible (if you do not already have one).

If you’re an East London Credit Union (Waltham Forrest Community Credit Union) customer you don't need to
worry, as your money is safe. The FSCS will automatically pay back your money within seven days for the vast
majority of cases, according to the account details it receives from the credit union. Please visit
https://www.fscs.org.uk/failed-firms/east-london/ for further information.
London Community Credit Union share a common bond area with East London Credit Union and have agreed to
accept members who qualify to open an account with them. Further information can be obtained by calling 020
7729 9218 or by visiting their website at www.londoncu.com or visiting branches at the following locations:

Stratford – 34 Broadway, London, E15 4QS
Hackney – 225 Mare Street, London, E8 3QE
Bethnal Green – 473 Bethnal Green Road, London, E2 9QH
Bow – 570 Roman Road, London, E3 5ES
Poplar – 16 Vesey Path, London, E14 6BT

Alternatively, member have the opportunity to open a new credit union account with other credit unions. Please
visit www.findyourcreditunion.co.uk for further information.

Further information regarding the Administration can be found via the Cork Gully website at
https://www.corkgully.com/elcu
The affairs, business and property of East London Credit Union Limited ("in Administration") are managed by the
Administrator who acts as the Credit Union’s agent and without personal liability.