A fairer alternative to payday loans
North West Ipswich Big Local Trust is joining forces with Eastern Savings and Loans Credit Union to promote a new and better way to borrow money at affordable rates.
North West Ipswich Big Local Trust (NWIBLT) is investing £25,000 in the credit union to enable them to lend to their members.
“We would encourage residents in the North West Ipswich area to become members of Eastern Savings and Loans (ESL) and become part of a quiet revolution in fair finance” said Ron Impey, chair of NWIBLT partnership board. “People are fed up with the traditional banking system which seems to put profits before customers. Credit Unions are owned by their members and run for community benefit. That is why we are keen to work with them.”
ESL has recently opened a new Ipswich office in Westgate Street for advice on savings and borrowing.
“We want to make our services more accessible to the local community” says Sally Chicken of ESL “and although we are not a bank, we provide many of the same services. We are distributing postcards in the North West Ipswich area about available savings and lending schemes and we look forward to welcoming new members.”
There are concerns that the changes to payday lending rules will make borrowing more difficult for some people and result in an increase in loan shark activity. NWIBLT has made contact with Trading Standards Illegal Money Lending team and will be undertaking promotions later this year to deter doorstep lending and loan sharks. NWIBLT feel that unaffordable debt is so damaging to people’s lives and communities and want to provide residents of Whitehouse, Whitton and Castle Hill with a real alternative to managing their finances by joining Eastern Savings and Loans Credit Union.
12 March 2015